A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least:
A) Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.
B) Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.
C) Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined.
D) Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined.

Question

Quizplus · Accepted Answer

According to GASB Statement No. 54, a major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least 10 percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined. Therefore, the best choice is D.

A Major Governmental Fund Is One That Has One or More