Which of the following is true regarding the governmental fund financial statements? multiple choice the governmental funds balance sheet reflects capital assets and long-term debt. the governmental funds statement of revenues, expenditures, and changes in fund balances reports columns for major funds, non-major funds (in total), and total. neither the governmental funds balance sheet reflects capital assets and long-term debt or the governmental funds statement of revenues, expenditures, and changes in fund balances reports columns for major funds, non-major funds (in total), and total is correct. both the governmental funds balance sheet reflects capital assets and long-term debt and the governmental funds statement of revenues, expenditures, and changes in fund balances reports columns for major funds, non-major funds (in total), and total are correct.