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 Position, Statement of Activities.
B) Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position.
C) Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position, Statement of Cash Flows.
D) None of the above.

Question

Quizplus · Accepted Answer

Special purpose governments engaged only in business-type activities are not required to prepare government-wide statements. These entities provide the same fund-basis statements required of proprietary funds. These would include the Statement of Net Position or Balance Sheet, Statement of Revenues, Expenses and Changes in Net Position and Statement of Cash Flows.

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