Posted: 30 Dec 2009 at 13:42 | IP Logged
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Simple problem:
In accordance with GASB 35, a public college or university that chooses to report only business-type activities should present only the financial statements required for:
A. Enterprise funds B. Government funds C. Internal service funds D. Enterprise and internal service funds
The answer key says it's A, and claims that if a public college elects to report only business type activities, they only have to present enterprise funds, and not internal service funds. However, on page 886 of Wiley, it says only proprietary funds are required. Last I checked, an internal service fund is a proprietary fund. So, why isn't the answer D?
__________________ REG - 91 - Gleim
FAR - 92 - Yaeger/Wiley
BEC - 83 - Yaeger/Wiley
AUD - 96 - Wiley/Gleim CD
Actively Licensed CPA - Michigan
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