Use the Following Information to Determine Whether the Development Special

question 36

Multiple Choice

Use the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amounts provided. P1P1_1.27Development Special Revenue Fund AssetsP1P1_EP1P1_13.97$740,000P1P1_E
P1P1_1.27Debt Service Fund AssetsP1P1_EP1P1_13.97$150,000P1P1_E
P1P1_1.27Total Governmental Fund AssetsP1P1_EP1P1_13.97$7,500,000P1P1_E
P1P1_1.27Total Governmental Fund and Enterprise Fund AssetsP1P1_EP1P1_13.97$8,750,000P1P1_E

• A) The Development Special Revenue Fund should be reported as major.
• B) The Debt Service Fund should be reported as major.
• C) Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major.
• D) Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major.

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Definitions:

Midlife Transition

A period of life, often around middle age, where individuals undergo significant personal reevaluation and change.

Moratorium

A temporary suspension or delay of an activity or a law, often used in the context of legal matters or developmental psychology as a period of identity exploration.

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