Multiple Choice
The financial statements of a proprietary fund are similar to those of a business enterprise except for
A) proprietary funds do not report income taxes on the operating statement.
B) proprietary funds do not have paid-in capital or capital stock.
C) proprietary funds use modified accrual accounting.
D) proprietary funds may have account titles such as due from general fund.
Correct Answer:
Verified
Correct Answer:
Verified
Q40: The four cash flow categories required in
Q41: Proprietary funds are required to prepare financial
Q42: Static City started a department to provide
Q43: Trust funds are fiduciary funds used to
Q44: Internal service funds primarily provide goods and
Q45: Prepare journal entries in the motor pool
Q47: The three financial statements for a proprietary
Q48: Journalize the following utility transactions in the
Q49: The following transactions relate to a municipal
Q50: Enterprise funds are accounted for in a