_____ For a public C&U engaged in business-type activities, which of the following financial statements is required?
A) Only government 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 in business-type activities, which of the following financial statements is required?
A) Only government 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

Public colleges and universities (C&Us) engaged in business-type activities are required to prepare financial statements similar to those of enterprise funds, which include a statement of net position, a statement of revenues, expenses, and changes in net position, and a statement of cash flows.

_____ for a Public C&U Engaged in Business-Type Activities, Which of the Following