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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