Which of the following is not true regarding proprietary funds?
A. Proprietary funds present a statement of cash flows.
B. Proprietary funds record capital assets directly in the fund accounts.
C. The difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources of proprietary funds is called "net assets."
D. Proprietary funds record long-term debt directly in the fund accounts.
Answer: C
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