D is corrent. Accounting standards require all nongovernmental entities to report a statement of cash flows. Thus, this answer is correct since I and II are both nongovernmental entities.
A is incorrect because more than one of the entities is required to report statement of cash flows.
B is incorrect because GASB does not require a statement of cash flows for this governmental unit.
C is incorrect because more than one of these entities is required to report statement of cash flows.
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