Which of the Following Statements Is True Regarding Proprietary Funds

question 37

Multiple Choice

Which of the following statements is true regarding proprietary funds?

• A) Accruals and deferrals common to business accounting are recorded in proprietary funds.
• B) Proprietary funds use the modified accrual basis of accounting.
• C) GASB standards require budget-actual reporting for proprietary funds.
• D) The purchase long-term assets is recorded as an expenditure in proprietary funds.

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Definitions:

Hyperreal

A condition in which what is real and what is fiction are seamlessly blended together so that there is no clear distinction between where one ends and the other begins.

Simulated

Refers to something made to imitate a real or genuine process or system, often for study, training, or testing purposes.

Primary Means

Refers to the main or most direct method by which an objective is achieved or an end is attained.

Hot Or Cold

This term does not have a specific definition relevant to a recognized field of study or practice; it generally refers to temperature states or metaphorically to extremes in opinions or attitudes.