Proprietary funds do not record capital assets, depreciation on those capital assets, and long-term debt.

Name: Proprietary funds do not record capital assets, depreciation on those capital assets, and long-term debt.
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Question

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Capital assets used in fund operations and long-term debt serviced from fund revenues are recorded in the accounts of a proprietary fund. Depreciation on capital assets is recognized as an expense, and accruals and deferrals common to business accounting are also recorded.

Proprietary Funds Do Not Record Capital Assets, Depreciation on Those