Public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities would have which of the following financial statements?
A) Statement of Net Assets, Statement of Activities.
B) Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets.
C) Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows.
D) None of the above.

Question

Quizplus · Accepted Answer

Public colleges and universities reporting as special-purpose entities engaged only in business-type activities are required to prepare a Statement of Net Assets, a Statement of Revenues, Expenses, and Changes in Net Assets, and a Statement of Cash Flows.

Public Colleges and Universities That Choose to Report as Special-Purpose