The amounts reported in proprietary fund statements are generally the same as those reported in the government-wide statements because both sets of statements are on a full accrual basis of accounting.

Question

Quizplus · Accepted Answer

Both proprietary fund statements and government-wide financial statements use the full accrual basis of accounting, which means they recognize revenues when they are earned and expenses when they are incurred, leading to generally similar reported amounts.

The Amounts Reported in Proprietary Fund Statements Are Generally the Same