Which of the Following Is Not True Regarding Combining Fund

question 16

Multiple Choice

Which of the following is not true regarding combining fund statements?

• A) Combining statements are part of other supplementary information.
• B) All non-major funds are included in the combining statements.
• C) Combining statements for non-major funds are required for governmental funds only.
• D) The total column in the combining statements is equal to the non-major funds column in the basic financial statements.

---

Definitions:

Total Liabilities

The combined amount of all debts and other financial obligations owed by an entity at a given time.

Liabilities

Financial obligations owed by a business to others, such as loans, accounts payable, and mortgages, which must be paid in the future.

Debts

Money that is owed or due to another individual or entity.

Assets

Assets are resources owned by a business or individual that have economic value and can bring about future benefits, such as cash, real estate, and machinery.