Which Financial Statements Are Required for Proprietary Funds

question 97

Multiple Choice

Which financial statements are required for proprietary funds?

• A) Statement of net assets; Statement of revenues, expenses, and changes in fund net assets; Statement of cash flows.
• B) Budgetary comparison schedule; Statement of revenues, expenditures, and changes in fund balance; Statement of net assets.
• C) Balance Sheet; Statement of revenues, expenditures, and changes in fund balances; Statement of changes in fiduciary net assets.
• D) Statement of changes in Fund Balance; Balance Sheet; Statement of cash flows.

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Definitions:

Tax Rate

The percentage at which an individual or corporation is taxed.

Debt-to-Equity Ratio

A measure indicating how a company's assets are financed through a mix of debt and equity from shareholders.

Balance Sheet

A report detailing a company's assets, liabilities, and equity of shareholders at a particular moment.

Interest Expense

The cost incurred by an entity for borrowed funds, which is recognized in the financial statements as an expense.