Which of the Following Is True Regarding the Governmental Fund

question 139

Multiple Choice

Which of the following is true regarding the governmental fund financial statements?

• A) The General Fund is always a major fund and other governmental funds are considered major if total assets, liabilities, revenues, or expenditures are at least 10 percent of the corresponding totals of governmental funds and 5 percent of the corresponding totals for governmental and enterprise funds combined.
• B) Nonmajor funds are reported in aggregate in a discrete column.
• C) Both of the above are true.
• D) Neither of the above is true.

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Definitions:

Diagnostic Criteria

A set of conditions and symptoms that must be met for a particular diagnosis to be given in the medical field.

Eligibility

The condition of being qualified or entitled to participate, receive, or be considered for something.

DSM-5

The Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition, a standardized classification of mental disorders used by mental health professionals in the U.S.

Diagnostic Classification

The process of identifying and categorizing conditions and disorders based on standardized criteria.