Question

Which financial statements are required for proprietary funds?a) Statement of Net Position; Statement of Revenues, Expenses, and Changes in fund Net Position; Statement of Cash Flows b) Budgetary comparison schedule; Statement of revenues, expenditures, and changes in fund balance; Statement of Net Position c) Statement of Net Position; Statement of revenues, expenditures, and changes in fund balances; Statement of Cash Flows d) Statement of Net Position; Statement of Revenues, Expenses, and Changes in fund net position

Answer 1

Answer:

c) Statement of Net Position; Statement of revenues, expenditures, and changes in fund balances; Statement of Cash Flows

Explanation:

Proprietry funds are accounts that are part of governmental institutions and non profits organizations and these require a high standard of transparency and accountability, so they are require to provide to the government the next statements: tatement of net assets; a statement of revenues, expenses, and changes in fund net assets; and a statement of cash flows.

This is accordingly to the summary of statements N. 34 from the Governmental Accounting Standards Board.