Which of the Following Is True Regarding the Proprietary Fund

question 71

Multiple Choice

Which of the following is true regarding the proprietary fund financial statements?

• A) The Statement of Net Assets (or Balance Sheet) reflects equity as contributed equity and retained earnings.
• B) Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements.
• C) Statements include the Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Fund Net Assets, and Statement of Cash Flows.
• D) The Statement of Cash Flows may be prepared using either the direct or indirect methods.

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Definitions:

Cultural Awareness

The understanding and appreciation of the differences and similarities between cultures.

Different Nations

Distinct political entities recognized as sovereign states, each with its own government, territory, and identity.

Intrapersonal Skills

Abilities and competencies that enable an individual to understand and manage their own emotions, motivations, and behaviors.

Communicating

The process of sharing or exchanging information, thoughts, or messages through speech, writing, signals, or behavior.