Which of the Following Is Not True Regarding Proprietary Funds

question 42

Multiple Choice

Which of the following is not true regarding proprietary funds?

• A) Accrual accounting and the economic resource measurement focus are used.
• B) Statements required are the Balance Sheet, the Statement of Revenues, Expenditures, and Changes in Fund Balances, and the Statement of Cash Flows.
• C) Long Term debt is recorded directly in the accounts.
• D) Proprietary funds financial reports include the Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Fund Net Assets, and Statement of Cash Flows.

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