Question

A statement of revenues, expenses, and changes in net position of a proprietary fund should include which of the following in addition to operating revenues, operating expenses, and ending net position?

A. Nonoperating revenues and expenses

B. Nonoperating revenues and expenses; other changes in net position

C. Nonoperating revenues and expenses; capital contributions and other changes in net position; beginning net assets

D. None of the above

Answer 1

A statement of revenues, expenses, and changes in net position of a proprietary fund includes the following:

1) Operating Revenues

2) Operating Expenses

3) Non-Operating Revenues

4) Non-Operating Expenses

5) Capital Contributions

6) Other Changes in Net Posiition

7) Increase/ (Decrease) in Net Position

8) Beginning Net Position

9) Ending Net Position

In addition to Operating Revenues, Operating Revenues, and ending net position, Non-operating Revenues, Non-Operating Expenses, Capital Contributions, Other changes in Net Position and Beginning Net Position should be included in the statement.

Correct Option:

C. Nonoperating Revenues and Expenses, Capital Contributions, Other changes in Net Position and Beginning Net Assets