25. Which of the following is true about the statement of cash flows for the proprietary funds of a state or local government?

a. The indirect method of reporting cash flows from operating activities is allowed although the direct method is recommended.

b. The structure of the statement is virtually identical to that of a for-profit business.

c. The statement is divided into four separate sections of cash flows.

d. Amounts spent on capital assets are reported in a separate section from amounts raised to finance those capital assets.