Which of the Following Is True with Respect to the General

question 114

Multiple Choice

Which of the following is true with respect to the General Fund.

• A) The General Fund is considered to be a major fund if the combined total of assets, liabilities, revenues and expenses exceeds 10 of the total of all governmental funds.
• B) The General Fund is always considered to be a major fund when preparing fund basis financial statements.
• C) The General Fund is never considered to be a major fund when preparing fund basis financial statements.
• D) The General Fund is not reported as part of the CAFR.

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Definitions:

Earmarks

Earmarks refer to provisions within legislation that allocate specific funds for particular projects, often criticized for being a means of directing government spending to benefit specific constituents or interests without proper review.

Median Voter

A theoretical concept that suggests policies will be made in favor of the preferences of the median voter when voters have diverse opinions.

Voter Preferences

The individual choices or inclinations of voters towards candidates, political parties, or policy issues, which guide their decisions in elections.