Which of the following governmental funds must be reported as a major fund?
A) The General Fund.
B) Any fund with total assets, liabilities, revenues, or expenditures that are 10% or more of the General Fund and 5% or more of total General Fund and Business-type Activities.
C) The government may opt to include or exclude any fund it choses as a major fund.
D) Only the General Fund and special revenue funds that meet the 10% and 5% size criteria.

Question

Quizplus · Accepted Answer

The General Fund is always reported as a major fund, regardless of its size, because it is the primary operating fund of the government.

Which of the Following Governmental Funds Must Be Reported as a Major