Question
6. Cash flow statements of proprietary funds must use the direct method for recording cash flows from operations. 7. Capital assets constructed by an internal
6. Cash flow statements of proprietary funds must use the direct method for recording cash flows from operations.
7. Capital assets constructed by an internal service fund are recorded in a capital projects fund.
8. The Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances are required for Proprietary funds.
TRUE OR FALSE
9. Unlike internal service funds, it is frequently desirable for enterprise funds to operate at a profit.
10. The users of goods or services provided by proprietary funds are charged based on their consumption of the goods or services.
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Auditing Fundamentals In A South African Context
Authors: Gerrit Penning, Rika Butler, Pieter Von Wielligh, Frans Prinsloo
2nd Edition
0190749040, 978-0190749040
