Which of the following is true regarding financial reporting of special-purpose entities?
A) 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 governments are commonly limited to one, or perhaps a few, service programs such as government-operated hospitals, public school systems, fire protection district, or public colleges, park districts, tollway authorities and other not-for-profit entities such as museums. Special-purpose governments may prepare a condensed set of financial statements.

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