Which of the following is not correct with respect to special purpose governments that are engaged in only one governmental-type activity?
A) Special purpose governments that are engaged in only one governmental-type activity may combine fund and government-wide financial statements if it shows the reconciliation between the two on the face of the statements.
B) Special purpose governments that are engaged in only one governmental-type activity must include required supplementary information as part of its reporting requirement.
C) Special purpose governments that are engaged in only one governmental-type activity are required to include notes to the financial statements for the government-wide statements only.
D) Special purpose governments that are engaged in only one governmental-type activity must present required supplementary information as part of its reporting requirement.

Question

Quizplus · Accepted Answer

Special purpose governments that are engaged in only one governmental-type activity are required to include notes to the financial statements for both fund and government-wide statements, not just for the government-wide statements. Choice C implies that notes are only required for the government-wide statements, which is incorrect.

Which of the Following Is Not Correct with Respect to Special