Which of the Following Statement(s)are Not Included in the Proprietary

question 95

Multiple Choice

Which of the following statement(s) are not included in the proprietary funds?

• A) Statement of Revenues, Expenses, and Changes in Net Assets
• B) Statement of Cash Flows
• C) Balance Sheet
• D) All of the above are included

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Definitions:

FIFO System

"First In, First Out," an inventory valuation method where the costs of the earliest goods purchased are the first to be recognized in determining cost of goods sold.

Cost Method

An accounting technique used to value an investment, where the investment is recorded at cost without recognizing periodic income but dividends received are recorded as income.

Goodwill Impairment

A decrease in the value of goodwill (intangible asset representing premium paid over fair value in a merger/acquisition) requiring adjustment to reflect its reduced value on the balance sheet.

Non-Controlling Interest

A minority share in a company's equity held by investors other than the parent company, reflecting ownership that does not control majority voting power.