Which of the following is one of the criteria to determine if a fund is considered to be a major fund?
A) Total assets, liabilities, revenues or expenditures of the individual governmental fund constitutes 10 percent of the governmental funds category.
B) Total assets, liabilities, revenues or expenditures/expenses are 5 percent of the total of the governmental and enterprise category. Other funds may be designated major funds at the discretion of management.
C) Both A and B are required
D) Either A or B will qualify a fund to be a major fund

Question

Quizplus · Accepted Answer

Both A and B are required criteria to determine if a fund is considered to be a major fund. The total assets, liabilities, revenues, or expenditures/expenses of the individual governmental fund must constitute 10% of the governmental funds category, and they must also be 5% of the total of the governmental and enterprise category. Other funds may be designated as major funds at the discretion of management.

Which of the Following Is One of the Criteria to Determine