With Respect to Fund Basis Financial Statements, Governmental Funds Are

question 5

True/False

With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues and expenditures combined are at least 10% of the total for the governmental funds category.

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Definitions:

True Statements

Assertions or claims that accurately reflect reality or are in accordance with facts.

Tautology

A redundant or repetitive statement in which the conclusion is identical to its premise in meaning.

Logic of Statements

The branch of logic that deals with the relationships between statements, including their validity and truth values.

Disjunction

A logical operation that combines two or more statements in such a way that the resulting statement is true if at least one of the original statements is true.