A 12-month fiscal year can end on any month of the calendar year. ...

[FButt]

A 12-month fiscal year can end on any month of the calendar year.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

In Proprietary Fund accounting, which of the following statements are true?
 
  a. materials and supplies are recognized as expenditures when purchased
  b. materials and supplies are recognized as expenses when consumed
  c. capital assets are considered as expenditures when they are acquired
  d. capital assets are not recorded in proprietary funds

[vish98]

Answer to Question 1

True

Answer to Question 2

b