Funds other than the General Fund must be considered a major fund when
A) Total assets, liabilities, revenues, or expenditures/expenses of that fund constitute 10 percent of either the governmental or enterprise category.
B) Total assets, liabilities, revenues, or expenditures/expenses of that fund are 5 percent of the total of the governmental and enterprise category.
C) Conditions of either A or B exist.
D) Conditions of both A and B exist.

Question

Quizplus · Accepted Answer

Governmental funds, other than the general fund, are considered to be a major fund when both of the following conditions are met: 1) Total assets, liabilities, revenues or expenditures of that individual government fund constitute 10% of the total for the governmental funds category and 2) Total assets, liabilities, revenues or expenditures of that individual government fund are 5% of the total of the governmental and enterprise categories, combined.

Funds Other Than the General Fund Must Be Considered a Major