The Fixed Assets and Long-Term Liabilities Associated with Proprietary Funds

question 24

Multiple Choice

The fixed assets and long-term liabilities associated with Proprietary Funds are reported on the

• A)financial statements of governmental funds.
• B)financial statements of fiduciary funds.
• C)financial statements of proprietary funds.
• D)financial statements of trust funds.

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Definitions:

Document

A written, printed, or electronic record that provides evidence of a transaction or commitment.

Check

A written, dated, and signed instrument that contains an unconditional order directing a bank to pay a definite sum of money to a payee.

Internal Document

Documents used within an organization, such as memos, reports, and internal manuals, that are not shared with external parties.

Cash Payments

Monetary transactions made by an entity to settle obligations or purchase goods and services.