Which of the following is false regarding proprietary fund accounting?
A. Capital assets are recorded in the accounts and depreciated over their useful lives.
B. The economic resources measurement focus and accrual accounting are used.
C. In the Statement of Net Position, the Net position is reported as either reserved or unreserved.
D. The Statement of Net Position must be in a classified format, with current assets separated from noncurrent assets and current liabilities separated from noncurrent liabilities.
Answer: C
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