Question: Please answer True or False for the following questions 1. Proprietary funds use the accrual basis of accounting and the economic resources measurement focus. 2.

Please answer True or False for the following questions

1. Proprietary funds use the accrual basis of accounting and the economic resources measurement focus.

2. The balance-sheet like statement in Question # 3 above is actually named the Balance Sheet.

3. Of the three major types of fund statements, it is the Fiduciary Fund statements that have a Statement of Cash Flow.

4. The Internal Service Fund is found on the Proprietary Fund statements and in either the the Government Activities (GA) or Business Activities column of the Government Wide (GW) statements.

5. Plan fiduciary net position as a percentage of total pension liability should ideally be no less than 60% (60% is generally deemed to be sufficient funding).

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