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:

Relied Promise

This term does not correspond to standard legal or contractual terminology and may not be a real key term. NO.

Quantum Meruit

A Latin phrase meaning “what one has earned,” used in law to determine the amount to be paid for services rendered when no contract exists or when a contract is unenforceable.

Common Law

A legal system based on custom and court rulings rather than written laws.

Pledge Form

A document or form that is filled out to indicate a commitment to donate a specified amount of money or resources, often used by charities and non-profit organizations.