Which Financial Statements Are Required for Proprietary Funds

question 132

Multiple Choice

Which financial statements are required for proprietary funds?

• A) Statement of Net Position; Statement of Revenues, Expenses, and Changes in fund Net Position; Statement of Cash Flows.
• B) Budgetary comparison schedule; Statement of revenues, expenditures, and changes in fund balance; Statement of Net Position.
• C) Statement of Net Position; Statement of revenues, expenditures, and changes in fund balances; Statement of Cash Flows.
• D) Statement of Net Position; Statement of Revenues, Expenses, and Changes in fund net position;

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Definitions:

Storage Warehouse

A large building used for storing goods in a secure and organized manner.

Roof Tiles

Specially designed pieces, typically made of clay, concrete, metal, or synthetic materials, used to cover roofs.

Destination Contract

A contract specifying that the seller will bear the risk and the cost of delivering goods to a specific location.

Shipment Contract

A contractual agreement where the seller is obligated to transport goods to a specific destination, with risk passing to the buyer when the goods are delivered to the carrier.