Which of the following is true regarding the proprietary funds statements?
A) Major enterprise and internal service funds are reported in separate columns; a column is presented for all non-major enterprise and internal service funds combined), and a total column is presented.
B) Financial statements include a Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

Internal services funds do not follow the procedures described for major funds. Governments with more than one internal service fund combine the funds into one column for the Statement of Net Position. Detailed financial statements for each internal service fund are included in the other supplementary information. Proprietary fund financial statements include a Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows.

Which of the Following Is True Regarding the Proprietary Funds