Which of the following statements is true regarding proprietary funds?
A) Accruals and deferrals common to business accounting are recorded in proprietary funds.
B) GASB standards require budget-actual reporting for proprietary funds.
C) The purchase of a capital asset is recorded as an expenditure in proprietary funds.
D) Proprietary funds use the modified accrual basis of accounting.
Correct Answer:
Verified
Q55: The required financial statements of proprietary funds
Q56: Long term debt serviced from proprietary funds
Q57: According to GASB, restricted Net Position include
Q58: Major enterprise funds are to be presented
Q59: Proprietary funds must prepare the Statement of
Q61: Proprietary funds utilize what basis of accounting?
A)
Q62: Which financial statements are required for a
Q63: Activities that produce goods or services to
Q64: GASB requires enterprise funds to be used
Q65: Proprietary funds:
A) Are required to present budget-actual
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