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Depending upon the circumstances, in practice public colleges and report as special purpose entities engaged in: business-type activities only both governmental and business-type activities. governmental

Depending upon the circumstances, in practice public colleges and report as special purpose entities engaged in:

business-type activities only

both governmental and business-type activities.

governmental activities only.

all of the above.

Assume a government is determined to be a special-purpose government engaged in business-type activities only. Which of the following financial statements would be required?

Balance Sheet, Statement of Revenues, Expenditures, and Changes in fund Balances.

Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows.

Statement of Net Assets, Statement of Activities, Statement of Cash Flows

Statement of Net Assets and Statement of Activities

Which of the following accounts can be most probably be negative?

Unrestricted net assets

Temporarily restricted net assets.

Permanently restricted net assets

Cash

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