At June 30,2009,total assets for the various funds of a local municipality were as follows: Applying GASB 34 criteria,which of the above are major funds for reporting purposes?

Question

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According to GASB 34 criteria, a major fund is one whose total assets, liabilities, revenues, or expenditures are at least 10% of the respective total for all funds of the governmental entity. In this case, the Governmental Funds (GF) have total assets of $10 million, which is more than 10% of the total assets of all funds ($90 million). Similarly, the Capital Projects Fund (CPF) and Enterprise Fund (EF) also have total assets greater than 10% of the respective total for all funds. Therefore, only options A (GF, CPF, EF) meet the criteria for major funds.

At June 30,2009,total Assets for the Various Funds of a Local