A city determines that it has three major governmental funds, including the General Fund, and two major enterprise funds. The city will
A) Always have three major governmental funds and two major enterprise funds.
B) Evaluate each year which funds are major and which funds are considered to be nonmajor except the General Fund which is always considered a major fund.
C) Only be required to show a separate column for the General Fund.
D) Be able to report all of the major funds in one column on the respective fund financial statements.
Correct Answer:
Verified
Q4: The government-wide statements include
A) Statement of Activities.
B)
Q19: The government-wide statement of net position must
Q21: If the General Fund has restricted fund
Q23: Interest expense for governmental activities at the
Q26: Each of the following would be considered
Q31: Major fund reporting is required for which
Q32: A government issued general obligation bonds to
Q33: A governmental entity has a General Fund,
Q36: Assume that a governmental entity has, in
Q37: The government-wide financial statements report all of
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