With Respect to Financial Reporting for Governmental Funds,which of the Following

question 127

Multiple Choice

With respect to financial reporting for governmental funds,which of the following statements is true?

• A) A fund must be reported as a major fund if total assets, liabilities, revenues or expenses of the fund are at least 5% of the corresponding total for all governmental and enterprise funds combined.
• B) GASB Statement 34 requires a balance sheet and statement of Revenues, Expenditures and Changes in Fund Balance for the General Fund and other governmental funds.
• C) The General Fund must satisfy the criteria for a major fund to be categorized as such on the balance sheet.
• D) A fund must be reported as a major fund if total assets, liabilities, revenues or expenses of the fund are at least 15% of the corresponding total for all governmental funds.

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Definitions:

Fall Risk Assessment

The evaluation of an individual's likelihood of falling, often conducted to implement preventive measures.

Impulsive

Acting or done without forethought, often characterized by sudden and spontaneous decisions.

Glare

Intense and blinding light that makes seeing difficult.

Visual Acuity

The clarity or sharpness of vision, often measured by the ability to discern letters or numbers at a specified distance according to a standardized chart.