GASB 34 specifies two criteria for determining major governmental funds to be reported separately in the Governmental Fund Balance Sheet and Statement of Revenues,Expenditures,and Changes in Fund Balances.To be considered a major governmental fund,a fund must:

Question

Quizplus · Accepted Answer

According to GASB 34, to be considered a major governmental fund, a fund must either be the general fund or meet two criteria. This means that both options in choice D are correct, but since the question is asking for the best choice, the answer is C which is more specific and eliminates the possibility of a fund being considered major by meeting only one criterion.

GASB 34 Specifies Two Criteria for Determining Major Governmental Funds