Which of the Following Is True Regarding the Reporting of Major

question 2

Multiple Choice

Which of the following is true regarding the reporting of major funds in the governmental funds financial statements?

• A) The General Fund is always considered a major fund.
• B) A fund is considered major if its revenues, expenditures, assets, or liabilities exceed 10% of the total governmental fund categories and if the same element (revenues, expenditures, assets, or liabilities) exceeds 5% of the governmental and enterprise funds combined.
• C) Both of the above.
• D) Neither of the above.

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Definitions:

1st Quartile

The value below which 25% of the data points in a dataset fall, indicating the lower quarter of the data.

3rd Quartile

Also known as the upper quartile, it is the value below which 75% of the data in a dataset falls.

Symmetric Distribution

A distribution where the left and right sides of the distribution are mirror images of each other.

Median

The middle value of a dataset, which divides the dataset into two halves when the numbers are arranged in ascending order.