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Which of the following statements is true about fund-based financial statements? A. Separate financial statements are produced for the governmental funds, the proprietary funds, and

Which of the following statements is true about fund-based financial statements?

A. Separate financial statements are produced for the governmental funds, the proprietary funds, and the fiduciary funds.

B. Separate financial statements are produced for the governmental funds and the proprietary funds but no statements are produced for the fiduciary funds.

C. A single combined set of statements is produced for the governmental funds, proprietary funds, and fiduciary funds.

D. Separate financial statements are produced for the governmental funds but the proprietary funds and the fiduciary funds are combined into a single set of statements.

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