Assume a government is determined to be a special-purpose government engaged in business-type activities only.Which of the following financial statements would be required?
A) Statement of Net Assets and Statement of Activities.
B) Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows.
C) Statement of Net Assets, Statement of Activities, Statement of Cash Flows.
D) Balance Sheet, Statement of Revenues, Expenditures, and Changes in und Balances.

Question

Quizplus · Accepted Answer

The GASB requires special-purpose governments engaged in business-type activities to prepare the same financial statements as private-sector businesses.

Assume a Government Is Determined to Be a Special-Purpose Government