A city determines in the current year that it has three major governmental funds, including the General Fund, and two major enterprise funds. The city will

Question

Quizplus · Accepted Answer

The city must evaluate each year which funds are major and which funds are considered to be nonmajor, except for the General Fund which is always considered a major fund. Therefore, the number of major governmental and enterprise funds may change from year to year. The city must also show separate columns for each major fund on the respective fund financial statements.

A City Determines in the Current Year That It Has