D is corrent. According to GASB 35, public colleges and universities that choose to report both governmental and business-type activities should prepare both government-wide and fund financial statements. Financial statements for proprietary funds include (1) a statement of net position, (2) a statement of revenues, expenses, and changes in net position, and (3) a statement of cash flows. Financial statements for governmental funds include (1) a balance sheet and (2) a statement of revenues, expenditures, and changes in fund balances. In this question, public colleges and universities that choose to report both governmental and business-type activities should prepare a statement of cash flows for their proprietary funds and a statement of revenues, expenditures, and changes in fund balances for their governmental funds.
A is incorrect. Public colleges and universities that choose to report both governmental and business-type activities should prepare both government-wide and fund financial statements.
B is incorrect. Public colleges and universities that choose to report both governmental and business-type activities should prepare both government-wide and fund financial statements.
C is incorrect. Public colleges and universities that choose to report both governmental and business-type activities should prepare both government-wide and fund financial statements.
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