True or False: All proprietary funds may elect to consistently follow private-sector guidance issued after November 30, 1989.

In the context of governmental accounting, proprietary funds are designed to operate in a manner similar to private-sector businesses, and they have more flexibility to apply private-sector accounting principles. However, not all proprietary funds can elect to follow private-sector guidance issued after November 30, 1989.

The Governmental Accounting Standards Board (GASB) provides guidance on financial reporting for governmental entities, and the application of private-sector guidance by proprietary funds is limited to certain areas that GASB permits. As a result, while some private-sector guidance may be applicable and beneficial to proprietary funds, there are restrictions on the use of guidance came out after the specified date.

The nuance here is that it is not an absolute allowance; rather, proprietary funds can choose to apply such guidance consistently only when it is deemed appropriate and in alignment with GASB standards. This understanding leads to the conclusion that the statement in question is not wholly accurate, resulting in the assessment of the answer as false.