Prior to Closing the Accounts at the End of the Most

question 23

Essay

Prior to closing the accounts at the end of the most recent fiscal year, the Town of Sonora reports the following amounts (in thousands):
Required:
Applying the criteria specified in GASB 34, determine which of the above funds should be classified as major funds for reporting purposes.
The major funds for reporting purposes are the General Fund, the Capital Projects Fund, the Internal Service Fund, and the Enterprise Fund-Hydro, determined as follows:
1) GASB 34 states that the General Fund is always a major fund.
2) The following criteria apply to other governmental (includes Internal Service Fund) or enterprise funds:

---

Definitions:

De-emphasize

To reduce the significance or importance of something in comparison to other factors or elements.

Negative Information

Unfavorable facts or feedback that needs to be communicated, often requiring careful handling to mitigate its impact.

Legal Words

Specific terminology used within the field of law, having precise definitions and implications in legal contexts, distinct from everyday language.

Positive Connotations

Words or phrases that carry favorable, positive, or beneficial meanings or associations.