At June 30, 20X9, Total Assets for the Various Funds

question 62

Multiple Choice

At June 30, 20X9, total assets for the various funds of a local municipality were as follows: Applying GASB 34 criteria, which of the above are major funds for reporting purposes?

• A) GF, CPF, EF
• B) CPF, EF
• C) CPF, ISF, EF
• D) GF, CPF, ISF, EF

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Definitions:

Contribution Margin Ratio

A financial metric that measures how much of a company's revenue is available to cover its variable costs and contribute to its fixed costs and profits.

Fixed Costs

Expenses that do not change with the level of goods or services produced by the business, such as rent, salaries, and insurance premiums.

Break-even Point

The point at which total income matches total outgoings, leading to neither a profit nor a loss.

Sales Dollars

This term represents the total revenue generated from the sales of goods or services, expressed in currency units.