Which of the following must be reported as a major fund?
A) The General Fund.
B) A fund having total assets,liabilities,revenues,or expenditures/expenses equaling at least 10 percent of the total governmental or enterprise fund amount for the same element (assets,liabilities,and so forth),as applicable,and at least 5 percent of the combined governmental and enterprise fund total amount for the same element.
C) Both a and b.
D) Neither a nor b.

Question

Quizplus · Accepted Answer

Both the General Fund and any fund that meets the criteria of having significant amounts of total assets, liabilities, revenues, or expenditures/expenses (as defined in choice B) must be reported as a major fund.

Which of the Following Must Be Reported as a Major