_____ For a public C&U engaged only in governmental activities, which of the following financial statements is required?
A) Only fund financial statements.
B) Only government-wide financial statements.
C) Both fund financial statements and government-wide financial statements.
D) Only the financial statements required by Enterprise Funds.

Question

_____	For a public C&U engaged only in governmental activities, which of the following financial statements is required?
A) Only fund financial statements.
B) Only government-wide financial statements.
C) Both fund financial statements and government-wide financial statements.
D) Only the financial statements required by Enterprise Funds.

Quizplus · Accepted Answer

Colleges and universities (C&U) engaged only in governmental activities are required to prepare both fund financial statements and government-wide financial statements. This approach provides a comprehensive view of the entity's financial activities and position, aligning with the reporting requirements for governmental entities.

_____ for a Public C&U Engaged Only in Governmental Activities, Which