Which of the Following Statements Is False

question 126

Multiple Choice

Which of the following statements is false?

• A) With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful.
• B) When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds.
• C) When preparing fund basis financial statements, any funds not reported separately are reported by function.
• D) In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.