Fixed assets and noncurrent liabilities are accounted for in the records of:
A) governmental funds
B) expendable funds
C) proprietary funds
D) both governmental and expendable funds.

Question

Quizplus · Accepted Answer

Proprietary funds account for activities similar to those found in the private sector, where the determination of net income, financial position, and cash flows is necessary. They include fixed assets and noncurrent liabilities in their accounting records, unlike governmental funds which focus on current financial resources and expenditures.

Fixed Assets and Noncurrent Liabilities Are Accounted for in the Records