Assume that a blended component unit of the town has its own General Fund, Special Revenue Fund, and Capital Projects Fund. All funds meet the major fund criteria. The primary government has a General Fund, three Special Revenue Funds, one Permanent Fund, one Debt Service Fund, and three Capital Projects Funds. All but the Permanent Fund and two Special Revenue Funds of the primary government are major funds. How many fund columns would be presented on the governmental funds' balance sheet?

Question

Quizplus · Accepted Answer

The blended component unit has 3 funds that meet the major fund criteria, and the primary government has 6 major funds (General Fund, 3 Special Revenue Funds, Debt Service Fund, and 2 Capital Projects Funds). Therefore, there are 9 major funds in total.

For each major fund, a separate column must be presented on the governmental funds' balance sheet. Therefore, the total number of fund columns on the balance sheet would be 9.

Assume That a Blended Component Unit of the Town Has