Which of the Following Statements Is True Regarding Proprietary Funds

question 24

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) GASB standards require budget-actual reporting for proprietary funds.
• C) The purchase of a capital asset is recorded as an expenditure in proprietary funds.
• D) Proprietary funds use the modified accrual basis of accounting.