With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful.

Question

Quizplus · Accepted Answer

The general fund is always a major fund and a fund is considered to be a major fund if certain criteria are met. In addition, governments may designate any other fund to be a major fund if reporting that fund separately would be useful.

With Respect to Fund Basis Financial Statements, a Government May