Which of the Following Is False Regarding Proprietary Fund Accounting

question 22

Multiple Choice

Which of the following is false regarding proprietary fund accounting?

• A) The economic resources measurement focus and accrual accounting are used.
• B) Capital assets are recorded in the accounts and depreciated over their useful lives.
• C) The Statement of Net Assets must be in a classified format, with current assets separated from noncurrent assets and current liabilities separated from noncurrent liabilities.
• D) In the Statement of Net Assets, the net assets are reported as either reserved or unreserved.

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Definitions:

Characteristics

Distinctive traits or features that define an individual, group, or thing.

Mentoring

A connection where an individual with more experience or knowledge assists in advising someone with less experience or knowledge.

Traditional Organizational

Refers to a hierarchical structure where decision-making authority is centralized at the top levels.

Geographical Boundaries

Refers to the physical limits of a specific area or environment as determined by natural or artificial barriers.