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, a fund must either be the general fund or meet two criteria to be considered a major governmental fund for reporting separately in the Governmental Fund Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances. Therefore, choice C is the most appropriate answer.

GASB 34 Specifies Two Criteria for Determining Major Governmental Funds