The concept of major versus nonmajor funds does not apply to fiduciary funds, as it does to governmental and proprietary funds.

Question

Quizplus · Accepted Answer

Fiduciary funds are used to account for funds held by a government in a trusteeship or agency capacity for individuals, private organizations, or other governments. The concept of major versus nonmajor funds is not applicable to fiduciary funds since their purpose is to convey assets or liabilities held in trust or agency capacity rather than to operate programs or provide services to the public.

The Concept of Major Versus Nonmajor Funds Does Not Apply