Proprietary fund net position must be reported in which three elements?
A)nonexpendable,restricted,and unrestricted
B)net investment in capital assets,restricted,and unrestricted
C)restricted,committed and unrestricted
D)additional- paid-in-capital,restricted,and unrestricted
E)restricted,committed,assigned

Question

Quizplus · Accepted Answer

Proprietary fund net position must be reported in the elements of net investment in capital assets, restricted, and unrestricted. This is according to the Governmental Accounting Standards Board (GASB) Statement No. 34: Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments. Option A refers to fund types used in governmental accounting, not elements of net position. Option C and E are not applicable to proprietary funds. Option D includes an element that is only applicable to corporate accounting.

Proprietary Fund Net Position Must Be Reported in Which Three