Question

Proprietary funds are required to present four basic financial statements—a Statement of Net Position, a Statement of Changes in Fund Net Position, a Statement of Cash Flows, and a Budgetary Comparison Statement. Select one: True False

Answer 1

Answer: False

Explanation:

The Basic Financial Statements for a Proprietary Fund includes:

1. Statement of net position

2. Statement of revenues, expenses

3. Statement of changes in fund net position