Question: In accordance with GASB 34, Basic Financial Statementsand Managements Discussion and Analysis for State and Local Governments, which of the following statements is correct about

In accordance with GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—

for State and Local Governments, which of the following statements is correct about the information reported on the statement of net assets for the proprietary funds?

I. Assets and liabilities are classified into current and noncurrent classifications.

II. All activities of internal service funds are aggregated and reported in a single column.

a. I only.

b. II only.

c. Both I and II.

d. Neither I nor II.

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