Which of the following is true regarding financial reporting of special-purpose entities?
A) Special purpose entities might include park districts, school districts, and public colleges and universities.
B) Special-purpose entities, in some cases, have more limited reporting requirements than general-purpose entities.
C) Both of the above are true.
D) Neither of the above is true.

Question

Quizplus · Accepted Answer

Special-purpose entities can include park districts, school districts, and public colleges and universities which are governmental units. Also, special-purpose entities may have more limited reporting requirements than general-purpose entities depending on their purpose and ownership structure.

Which of the Following Is True Regarding Financial Reporting of Special-Purpose