Which of the Following Is True Regarding the Reporting of Major

question 31

Multiple Choice

Which of the following is true regarding the reporting of major funds in the governmental funds financial statements?

• A) The General Fund is always considered a major fund.
• B) A fund is considered major if its revenues, expenditures, assets, or liabilities exceed 10% of the total governmental fund categories and if the same element revenues, expenditures, assets, or liabilities) exceeds 5% of the governmental and enterprise funds combined.
• C) Both A and B are true.
• D) Neither A nor B is true.

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Definitions:

Single Circuit

Refers to a type of blood circulation system where the blood passes through the heart once in a complete circuit of the body, typical of fish.

Circulatory System

The system comprising the heart, blood vessels, and blood, responsible for transporting nutrients, oxygen, and waste products throughout the body.

Fish

Aquatic, gill-bearing animals that lack limbs with digits, often covered with scales, and inhabitant of waters worldwide.

Partially Separated Circuits

Electrical circuits that share some, but not all, connections or components, allowing for partially independent operation.