Which of the following is true regarding the governmental fund financial statements?
A) The General Fund is always a major fund and other governmental funds are considered major if total assets, liabilities, revenues, or expenditures are at least 10 percent of the corresponding totals of governmental funds and 5 percent of the corresponding totals for governmental and enterprise funds combined.
B) Nonmajor funds are reported in aggregate in a discrete column.
C) Both of the above are true.
D) Neither of the above is true.
Correct Answer:
Verified
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