Which of the Following Is Not Regarding Proprietary Funds

question 53

Multiple Choice

Which of the following is not regarding proprietary funds?

• A) The difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources of proprietary funds is called "net assets."
• B) Proprietary funds record long-term debt directly in the fund accounts.
• C) Proprietary funds record capital assets directly in the fund accounts.
• D) Proprietary funds present a statement of cash flows.

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Definitions:

Payable On Demand

A financial term referring to a debt or obligation that must be paid or fulfilled whenever the lender or beneficiary demands.

Numerical

Relating to numbers, or expressed or represented by numbers.

Written Amounts

Quantitative figures or values that are documented or recorded in written form, especially in financial transactions.

Check

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or to a designated person.