Separate fund financial statements are required for:

Governmental Funds (e.g., general fund, special revenue)

Proprietary Funds (e.g., enterprise, internal service funds)

Fiduciary Funds (reported separately but not combined with government-wide statements)

Long-term debt and capital assets are components within the financial statements—not fund types.

Relevant References:

GASB Statement No. 34 – Financial Reporting Model

GASB Codification Section 2200 – Financial Reporting

GFOA Fund Reporting Framework

Answer: B. governmental and proprietary funds