Which of the following would be true regarding the Statement of Net Assets for a public college reporting as a special purpose entity engaged in business type activities only?
A) A classified statement is required, separating current and long-term assets and liabilities.
B) The net asset categories are: invested in capital assets net of related debt, restricted and unrestricted.
C) Both of the above are true.
D) Neither of the above is true.

Question

Quizplus · Accepted Answer

Public colleges reporting as special purpose entities engaged in business type activities only are required to provide a classified Statement of Net Assets, separating current and long-term assets and liabilities. Additionally, their net asset categories are invested in capital assets net of related debt, restricted and unrestricted.

Which of the Following Would Be True Regarding the Statement