Which of the Following Is True Regarding the Proprietary Fund

Multiple Choice

Which of the following is true regarding the proprietary fund financial statements?

A) The Statement of Net Assets (or Balance Sheet) reflects equity as contributed equity and retained earnings
B) Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements
C) Statements include the Statement of Net Assets (or Balance Sheet) , Statement of Revenues, Expenses and Changes in Fund Net Assets and Statement of Cash Flows
D) The Statement of Cash Flows may be prepared using either the direct or indirect methods