With Respect to the Preparation of Fund Basis Financial Statements,governmental

question 34

Multiple Choice

With respect to the preparation of fund basis financial statements,governmental funds other than the major fund are considered to be major when which of the following conditions exist?

• A) With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of the individual governmental fund under consideration constitutes 25% of the total for the governmental fund category.
• B) With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of individual governmental or enterprise fund under consideration are 15% of the total of the governmental and enterprise categories, combined.
• C) Both A and B are required for a governmental fund to be a major fund.
• D) Neither A nor B are correct.

---

Definitions:

Psychiatric Disorder

A mental disorder characterized by disruptions in thought, behavior, emotions, or a combination of these, impairing personal functioning.

Iran-Contra Affair

Scandal of the second Reagan administration involving sales of arms to Iran in partial exchange for release of hostages in Lebanon and use of the arms money to aid the Contras in Nicaragua, which had been expressly forbidden by Congress.

Washington Insider

A person who is a part of the political, media, or policy-making establishment in Washington, D.C., often having significant influence or access.

Reaganomics

The economic policies of U.S. President Ronald Reagan, characterized by tax cuts, decreased social spending, increased military spending, and deregulation of domestic markets.