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 position; statement of revenues, expenses, and changes in net position; and statement of cash flows.

Question

Quizplus · Accepted Answer

Proprietary funds, which operate similarly to private-sector businesses, are required to present a statement of net position, a statement of revenues, expenses, and changes in net position, and a statement of cash flows. These statements provide a comprehensive view of the fund's financial activities and health.

Which of the Following Are Required Basic Statements of a Proprietary