Proprietary funds are required to present four basic financial statements-a Statement of Net Position, a Statement of Changes in Fund Net Position, a Statement of Cash Flows, and a Budgetary Comparison Statement.

Question

Quizplus · Accepted Answer

Budgets are not integrated into proprietary fund accounting systems (no appropriations or estimated revenues are recorded) nor does GAAP require governments to present budgetary comparison statements/schedules for their proprietary funds. Also, a Statement of Revenues, Expenses and Changes in Fund Net Position is required instead of a Statement of Changes in Fund Net Position.

Proprietary Funds Are Required to Present Four Basic Financial Statements-A