Special-Purpose Governments That Have Only Business-Type Activities Should Report Which

question 29

Multiple Choice

Special-purpose governments that have only business-type activities should report which of the following?

• A) Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Fund Net Assets, and Statement of Cash Flows
• B) Statement of Net Assets, Statement of Revenues, Expenses and Changes in Fund Net Assets
• C) MD&A, Statement of Net Assets, Statement of Revenues, Expenses and Changes in Fund Net Assets, Notes to the Financial Statements, and RSI, other than MD&A as appropriate
• D) Statement of Net Assets, Statement of Revenues, Expenses and Changes in Fund Net Assets, and RSI

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Definitions:

Competition

is the rivalry among sellers in the same market to attract customers by offering better terms, quality, or services.

Freedom of Enterprise

Freedom of enterprise is the principle that individuals or businesses have the right to own, operate, and profit from their own ventures in an open market with minimal government interference.

Division of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.