Which of the following is true regarding accounting and financial reporting for special-purpose entities?
A) Special-purpose entities that are engaged only in one governmental activity may combine government-wide and governmental fund statements.
B) Special-purpose entities that are engaged in fiduciary activities only may prepare the statements required for fiduciary funds only (Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets) plus any RSI schedules required.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

Special-purpose entities engaged in only one governmental activity can combine statements, and those engaged in fiduciary activities only can prepare the required fiduciary fund statements.

Which of the Following Is True Regarding Accounting and Financial