Which of the following is true regarding the proprietary fund financial statements?
A) The proprietary fund financial statements include the Statement of Net Assets, the Statement of Revenues, Expenses, and Changes in Fund Net Assets, and the Statement of Cash Flows.
B) The proprietary funds include enterprise, internal service, and permanent funds.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

The proprietary fund financial statements include the Statement of Net Assets, the Statement of Revenues, Expenses, and Changes in Fund Net Assets, and the Statement of Cash Flows. Choice B is incorrect as it describes the types of proprietary funds, but not the financial statements.

Which of the Following Is True Regarding the Proprietary Fund