The Financial Statements of a Proprietary Fund Are Similar to Those

question 38

Multiple Choice

The financial statements of a proprietary fund are similar to those of a business enterprise except for

• A)proprietary funds do not report income taxes on the operating statement.
• B)proprietary funds do not have paid-in capital or capital stock.
• C)proprietary funds use modified accrual accounting.
• D)both A and B

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Definitions:

Customer Service

The assistance and support provided by a company to those people who buy or use its products or services.

Aging Population

A demographic trend characterized by an increase in the median age of a population, resulting from declining fertility rates and/or rising life expectancy.

Medical Services

Professional healthcare services provided by doctors, nurses, and health practitioners to diagnose, treat, and prevent illnesses and conditions.

Assisted Living Care

A residential option for seniors who require help with daily activities and personal care but wish to maintain a level of independence, offering a balance of support and autonomy.