Which of the following is true regarding GASB's definition of the financial reporting entity?

Multiple Choice

The financial reporting entity might include a primary government, component units, joint ventures, or a jointly governed

organization.

Primary governments may be general$-$purpose governmenta $($such as states, cities, and counties$)$ or special$-$purpose

governments that have separately elected governing bodies, are legally separate and are fiscally independent of other state

or local governments.

Blending is used to incorporate component units when those component units are, in substance, part of the primary

government.