Prior to closing the accounts at the end of the most recent fiscal year, the Town of Sonora reports the following amounts (in thousands):
Required:
Applying the criteria specified in GASB 34, determine which of the above funds should be classified as major funds for reporting purposes.
The major funds for reporting purposes are the General Fund, the Capital Projects Fund, the Internal Service Fund, and the Enterprise Fund-Hydro, determined as follows:
1) GASB 34 states that the General Fund is always a major fund.
2) The following criteria apply to other governmental (includes Internal Service Fund) or enterprise funds:

Question

Prior to closing the accounts at the end of the most recent fiscal year, the Town of Sonora reports the following amounts (in thousands):  
Required:
Applying the criteria specified in GASB 34, determine which of the above funds should be classified as major funds for reporting purposes.
The major funds for reporting purposes are the General Fund, the Capital Projects Fund, the Internal Service Fund, and the Enterprise Fund-Hydro, determined as follows:
1) GASB 34 states that the General Fund is always a major fund.
2) The following criteria apply to other governmental (includes Internal Service Fund) or enterprise funds:

Quizplus · Accepted Answer

The Answer of Prior to closing the accounts at the end of the most recent fiscal year, the Town of Sonora reports the following amounts (in thousands):  
Required:
Applying the criteria specified in GASB 34, determine which of the above funds should be classified as major funds for reporting purposes.
The major funds for reporting purposes are the General Fund, the Capital Projects Fund, the Internal Service Fund, and the Enterprise Fund-Hydro, determined as follows:
1) GASB 34 states that the General Fund is always a major fund.
2) The following criteria apply to other governmental (includes Internal Service Fund) or enterprise funds:

Prior to Closing the Accounts at the End of the Most