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Which of the Following Is True Regarding the Governmental Fund

Question 109

Multiple Choice

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.

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