Multiple Choice
Which of the following statements is true regarding proprietary funds?
A) Accruals and deferrals common to business accounting are recorded in proprietary funds.
B) Proprietary funds use the modified accrual basis of accounting.
C) GASB standards require budget-actual reporting for proprietary funds.
D) The purchase long-term assets is recorded as an expenditure in proprietary funds.
Correct Answer:
Verified
Correct Answer:
Verified
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