Which of the Following Governmental Funds Must Be Reported as a Major

question 58

Multiple Choice

Which of the following governmental funds must be reported as a major fund?

• A) The General Fund.
• B) Any fund with total assets, liabilities, revenues, or expenditures that are 10% or more of the General Fund and 5% or more of total General Fund and Business-type Activities.
• C) The government may opt to include or exclude any fund it choses as a major fund.
• D) Only the General Fund and special revenue funds that meet the 10% and 5% size criteria.

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Definitions:

Deferred Annuity

An insurance product that provides future payments to the holder, usually after retirement, where payments are delayed for a certain period.

Ordinary Annuity

A financial product resulting in a stream of payments to the holder at regular intervals over a specified period of time, typically at the end of each period.

Deferred Annuity

An insurance product that delays income payments until the investor elects to receive them, typically at retirement.

Ordinary Annuity

A sequence of identical payments scheduled at consistent intervals where the interest accumulates after each cycle.