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) GASB standards require budget-actual reporting for proprietary funds.
C) The purchase of a capital asset is recorded as an expenditure in proprietary funds.
D) Proprietary funds use the modified accrual basis of accounting.
Correct Answer:
Verified
Correct Answer:
Verified
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