Which of the following is true regarding the financial statements for special-purpose entities?
A) Special-purpose entities that are engaged only in one governmental activity may combine government-wide and governmental fund statements.
B) Special-purpose entities that are engaged in fiduciary activities only prepare the statements required for fiduciary funds (Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets).
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

Special-purpose entities engaged in only one governmental activity can combine government-wide and governmental fund statements, and those engaged in fiduciary activities only prepare the required fiduciary fund statements.

Which of the Following Is True Regarding the Financial Statements