Which of the following financial statements is not required to be prepared for proprietary funds in the fund-level financial statements?
A)Statement of net position (or balance sheet)
B)Statement of revenues,expenses,and changes in fund net assets
C)Statement of revenues,expenditures,and changes in fund balances
D)Statement of cash flows

Question

Quizplus · Accepted Answer

The Statement of Revenues, Expenditures, and Changes in Fund Balances is not required for proprietary funds because it is used for governmental funds. Proprietary funds use accrual accounting and focus on the flow of economic resources, which is reflected in the other statements listed.

Which of the Following Financial Statements Is Not Required to Be