Which of the following financial statements must special-purpose governments include in their financial statements if the special purpose government is engaged in both governmental and business-type activities or in more than one governmental activity? Multiple Choice a. Government-wide financial statements. b. Fund basis financial statements. c. Both of the above. d. Neither of the above.

C) Both of the above.

a.Government-wide financial statements. b.Fund basis financial statements.

Explanation:

Government wide financial statements basically include all the government's funds and accounts. They are generally reported all the financial transactions of the government during the year.

Fund based financial statements generally only report a specific fund's financial statement. The accounting basis for each fund might vary depending on the specific fund which is being reported. they also provide more detailed information about the specific activities included in the fund.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.