Which of the Following Are Required Basic Statements of a Proprietary

question 52

Multiple Choice

Which of the following are required basic statements of a proprietary fund?

• A) Balance sheet and income statement.
• B) Balance sheet; statement of revenues, expenses, and changes in retained earnings; and statement of cash flows.
• C) Statement of net assets and statement of revenues, expenses, and changes in fund net assets.
• D) Statement of net position; statement of revenues, expenses, and changes in net position; and statement of cash flows.

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Definitions:

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his theories on free markets and the division of labor.

Financial Rewards

Monetary benefits given to employees or individuals as recognition for their work performance, achievements, or contributions.

Meaningfulness

The significance or value that work holds for an individual, often contributing to motivation and job satisfaction.

Heading

The title or caption of a section within a document, used to introduce or summarize its content.