Which financial statements are required for proprietary funds?

Question

Quizplus · Accepted Answer

Proprietary funds are business-like activities that charge a fee for goods or services. As such, they are required to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP). The financial statements required for proprietary funds are the Statement of Net Assets, the Statement of Revenues, Expenses, and Changes in Fund Net Assets, and the Statement of Cash Flows. These statements provide information on the financial position, operating results, and cash flows of the proprietary fund.

Which Financial Statements Are Required for Proprietary Funds