GASB 34 Specifies Two Criteria for Determining Major Governmental Funds

question 51

Multiple Choice

GASB 34 specifies two criteria for determining major governmental funds to be reported separately in the Governmental Fund Balance Sheet and Statement of Revenues,Expenditures,and Changes in Fund Balances.To be considered a major governmental fund,a fund must:

• A)meet at least one criterion.
• B)be the general fund or meet at least one criterion.
• C)be the general fund or meet two criteria.
• D)either A or C