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.

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Definitions:

Leader-Member Relations

The quality of the interactions and relationships between a leader and their followers, affecting team dynamics and performance.

Leader's Interests

The personal or professional goals, desires, or concerns that influence a leader's decisions and actions.

Role Expectations

The anticipated behaviors and actions associated with a particular role or position in a social or organizational context.

Inherent Trade-Offs

The natural or unavoidable compromises and choices that must be made between conflicting objectives or values.