Which of the Following Is True Regarding the Proprietary Fund

question 116

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 fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting.
• C) Both of the above.
• D) Neither of the above.

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Definitions:

Strategic Opportunities

Prospects that align with an organization's strategic plan, offering potential for significant growth or advancement.

Subsystem

A division or component of a system that fulfills specific functions within the larger system's operation.

Contingent Operation

An operation or process that is dependent on certain conditions or events, which are usually uncertain or variable.

Supersystem

is a complex system made up of multiple interconnected and interdependent systems, functioning as a comprehensive whole.