GASB states that “public colleges and universities are special purpose governments…and therefore accountable to the citizenry” (Hoyle, 2015). Furthermore, GASB found that for public colleges and universities, preparing both government-wide and fund financial statements were redundant. For this reason, most public schools only need to prepare a single set of statements equivalent to those of an enterprise fund. True or false?

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Introduction Public colleges and universities in the United States are often classified as specialpurpose governments This classification as defined by the Governmental Accounting Standards Board GASB ... View the full answer