With Respect to the Preparation of Fund Basis Financial Statements

question 23

Multiple Choice

With respect to the preparation of fund basis financial statements, governmental funds other than the General fund are considered to be major when which of the following conditions exist?

• A) With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of the individual governmental fund under consideration constitutes 25% of the total for the governmental fund category.
• B) With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of individual governmental or enterprise fund under consideration are 15% of the total of the governmental funds and enterprise categories, combined.
• C) Both A and B are required for a governmental fund to be a major fund.
• D) Neither A nor B are correct.

Recognize different types of lending institutions.

Understand the behavior and psychology behind overindebtedness.

Know the legal rights and regulations concerning debt collection and consumer protection.

Understand the implications of personal bankruptcy and its effects on credit scores.

---

Definitions:

Auditory Information

Data or knowledge received and processed through the sense of hearing.

Pons

A structure in the hindbrain that acts as a neural relay center, facilitating the crossover of information between the left side of the body and the right side of the brain and vice versa. It is also involved in balance and in the processing of both visual and auditory information.

Pituitary Gland

A small endocrine gland located at the base of the brain that produces hormones regulating growth, metabolism, and reproductive functions.

Releasing Hormones

Hormones secreted by the hypothalamus that stimulate or inhibit the release of hormones from the anterior pituitary.