The General Fund and other funds for which individual fund financial information is presented in separate columns in the basic governmental fund financial statements are known as
A)principal funds
B)primary funds
C)major funds
D)master funds

Question

Quizplus · Accepted Answer

The term "major funds" is used to describe the General Fund and other funds for which individual fund financial information is presented in separate columns in the basic governmental fund financial statements. These funds are considered major because they meet certain criteria, such as being a certain percentage of total assets, liabilities, revenues or expenses of all governmental fund types. Principal funds, primary funds, and master funds are not commonly used terms in governmental accounting.

The General Fund and Other Funds for Which Individual Fund