Public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities would have which of the following financial statements?
A. Statement of Net Position, Statement of Activities
B. Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position.
C. Statement of Net Position, Statement of Revenues, Expenses, , and Changes in Net Position, and Statement of Cash Flows
D. Both fund-basis statements (Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position, Statement of Cash Flows) and Government-wide (Statement of Net Position, Statement of Activities).
Answer: C