In Addition to a Statement of Net Position, Proprietary Fund

question 34

Multiple Choice

In addition to a Statement of Net Position, Proprietary Fund level financial statements include which of the following?

• A) Statement of Revenues, Expenses, and Changes in Fund Net Position.
• B) Statement of Cash Flows.
• C) Both of the above.
• D) Neither of the above.

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Definitions:

Partnership Debts

Liabilities that are owed by a partnership, which are the joint responsibility of the partnership's members.

Mutual Agency

A legal principle in partnerships where each partner has the authority to act on behalf of, and bind, the partnership in contractual agreements.

Unlimited Liability

Partners may be personally liable for debts of the partnership.

Limited Risk

Financial exposure that is knowingly restricted or minimized in investments or business operations.