When preparing a statement of cash flows for a proprietary fund, all of the following are differences from a commercial for-profit (U.S. GAP) enterprise with the exception of which item?

A proprietary fund presents the financing activities section before the investing activities section. The issuance and retirement of debt is reported as a financing cash flow activity for a proprietary fund. There are four major categories presented on the proprietary fund's statement of cash flows. A proprietary fund reports interest and dividend income received as an investing cash flow activity.