A special-purpose government that engages in more than one program or in both governmental-type and business-type programs
A) May combine fund and government-wide statements into a single statement.
B) Should be reported upon as one or more discretely presented component units of a general-purpose government.
C) May present a government-wide income statement in a business format showing expenses deducted from revenues.
D) Should prepare both government-wide and fund statements, similar to those required of general-purpose governments.

Question

Quizplus · Accepted Answer

Special-purpose governments that engage in more than one program or in both governmental-type and business-type programs should prepare both government-wide and fund statements, similar to those required of general-purpose governments. This ensures comprehensive financial reporting that covers the full scope of their activities.

A Special-Purpose Government That Engages in More Than One Program