Which of the Following Describes Proprietary Funds

question 15

Multiple Choice

Which of the following describes proprietary funds?

• A) Funds used to account for the activities of a government that are carried out primarily to provide services to citizens.
• B) Funds used to account for a government's ongoing activities that are similar to those operated by for-profit organizations.
• C) Funds used to account for monies held by the government in a trustee or agency capacity.
• D) Funds used to account for all financial resources except those required to be accounted for in another fund.
• E) Funds used to account for resources that are restricted or committed for a specific purpose other than debt payments or capital projects.

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Definitions:

First Degree

Refers to the most serious level of a crime, such as first-degree murder, which is planned and deliberately carried out.

Voluntary Manslaughter

Voluntary Manslaughter refers to the act of killing another person under circumstances that reduce the killer's blameworthiness, such as a killing done in a sudden heat of passion.

Tax Return

A form or forms filed with a government body that reports income, expenses, and other pertinent tax information.

Act of Omission

A legal concept describing a failure to act when there is a duty to do so, which can result in liability.