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.

Question

Quizplus · Accepted Answer

The proprietary fund statements include the Statement of Net position, Statement of Revenues, Expenses and Changes in Fund Net Position and Statement of Cash Flows which are prepared using the economic resources measurement focus and the accrual basis of accounting.

Which of the Following Is True Regarding the Proprietary Fund