Colleges and universities that engage in both governmental and business-type activities are required to report which of the following external financial statements?

a. The same financial reporting standards that apply to general purpose governments apply to these colleges and universities.

b. Fund-based financial statements are required, but government-wide financial statements are not.

c. Government-wide and fund financial statements are required, exclusive of fiduciary funds, which are not reported for colleges and universities.

d. Government-wide financial statements are required, but fund financial statements are not