Which of the Following Is True with Respect to the General

question 101

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 considered to be a major fund when preparing fund basis financial statements if it bears a financial benefit or burden to the primary government.
• C) The General Fund is always 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:

Supply Uncertainty

Refers to the unpredictability in the availability and timely delivery of materials and resources needed for production.

Required Levels

The specified minimum or maximum amounts of resources, inventory, or capacity needed to meet operational demands.

Demand During Lead Time

The quantity of a product or service that is expected to be sold or used during the period it takes for an order to be delivered or replenished.

Review Period

a set time frame during which performance, inventory levels, or supply chain activities are assessed and evaluated for efficiency and effectiveness.