Under GASB Standards,where Are Nonmajor Funds Are Reported

question 33

Multiple Choice

Under GASB standards,where are nonmajor funds are reported?

• A) In the management's discussion and analysis preceding the financial statements.
• B) In aggregate amounts in a single column in the fund financial statements.
• C) In a note disclosure following the financial statements.
• D) In the government-wide financial statements.

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Definitions:

Market

A place or mechanism where buyers and sellers can trade goods, services, securities, or other items of value.

Securities

Financial instruments that represent ownership positions in publicly-traded corporations (stock), creditor relationships with governmental bodies or corporations (bonds), or rights to ownership as represented by an option.

Returns on Stock Investments

The gain or loss made on stock investments, typically expressed as a percentage of the investment's initial cost.

Inflationary Pressures

Situations or factors that lead to an overall increase in prices, reducing purchasing power in an economy.