Financial statements prepared for proprietary funds include the Statement of Net Assets, Statement of Revenues, Expenses and Changes in Fund Net Assets and the Statement of Cash Flows.

Question

Quizplus · Accepted Answer

This statement is true. Proprietary funds are used to account for government activities that are similar to those of businesses, and they prepare financial statements that include the Statement of Net Assets, Statement of Revenues, Expenses and Changes in Fund Net Assets, and the Statement of Cash Flows.

Financial Statements Prepared for Proprietary Funds Include the Statement of Net