Which of the following are required basic statements of a Proprietary Fund?
A)Balance Sheet and Income Statement.
B)Balance Sheet; Statement of Revenues, Expenses, and Changes in Retained Earnings; and Statement of Cash Flows.
C)Statement of Net Assets and Statement of Revenues, Expenses, and Changes in Fund Net Assets.
D)Statement of Net Assets; Statement of Revenues, Expenses, and Changes in Fund Net Assets; and Statement of Cash Flows.

Question

Quizplus · Accepted Answer

Proprietary Funds require a Statement of Net Assets, a Statement of Revenues, Expenses, and Changes in Fund Net Assets, and a Statement of Cash Flows. The Balance Sheet and Statement of Revenues, Expenses, and Changes in Retained Earnings are required for Governmental funds, not Proprietary funds.

Which of the Following Are Required Basic Statements of a Proprietary