Which of the Following Is True Regarding the Proprietary Fund

question 110

Multiple Choice

Which of the following is true regarding the proprietary fund financial statements?

• A) The proprietary fund financial statements include the Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and the Statement of Cash Flows.
• B) The proprietary funds include enterprise, internal service, and permanent funds.
• C) Both A and Bare true.
• D) Neither A nor B is true.

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Definitions:

Cash Receipts Journal

A specialized accounting journal used to record all cash inflow transactions.

General Ledger

A comprehensive accounting record of all transactions of a company, detailed by accounts.

Sales Discounts Column

A column in accounting ledgers or software that records the discounted amounts given to customers for prompt payments or other reasons.

Special Journals

Accounting journals designed for recording and categorizing specific types of transactions for efficiency and specialization.