Chat with us, powered by LiveChat 1. Which of the following is false regarding major - BonPapers

1. Which of the following is false regarding major

1. Which of the following is false regarding major fund reporting for governmental funds? A) The General Fund is always a major fund. B) Each fund that is considered major must be reported in a separate column in the governmental funds financial statements. C) A government may designate any fund as major if it feels that reporting that fund in the basic financial statements would be useful. D) None of the above, all are true.2. Which of the following is true regarding the Comprehensive Annual Financial Report? A) The basic financial statements consist of the government-wide, the governmental fund, the proprietary fund, and the fiduciary fund financial statements (and the notes to the financial statements). B) The government-wide financial statements include the Statement of Net Assets, the Statement of Activities, and the Statement of Cash Flows. C) Both of the above. D) Neither of the above.3. Funds other than the General Fund must be considered a major fund when A) total assets, liabilities, revenues, or expenditures/expenses of that fund constitute 10 percent of either the governmental or enterprise category. B) total assets, liabilities, revenues, or expenditures/expenses of that fund are 5 percent of the total of the governmental and enterprise category. C) conditions of either A or B exist. D) conditions of both A and B exist.4. Which of the following is true regarding the governmental fund statements? A) The governmental fund statements include a Statement of Cash Flows prepared on the direct method. B) The governmental fund statements are prepared using the current financial resources measurement focus and modified accrual accounting. C) Both of the above. D) Neither of the above.5. Which of the following is true regarding the proprietary fund financial statements? A) The proprietary fund financial statements include the Statement of Net Assets, the Statement of Revenues, Expenses, and Changes in Fund Net Assets, and the Statement of Cash Flows. B) The proprietary funds include enterprise, internal service, and permanent funds. C) Both of the above. D) Neither of the above.6. Which of the following is true regarding fiduciary fund financial statements? A) Fiduciary fund financial statements include the Statement of Fiduciary Net Assets, the Statement of Changes in Fiduciary Net Assets, and the Statement of Cash Flows prepared on the direct method. B) Fiduciary fund financial statements are prepared on the current financial resources measurement focus and modified accrual accounting. C) Both of the above. D) Neither of the above.7. Which of the following is true regarding the reporting of Budget-Actual Comparisons? A) A Budget-Actual Comparison Schedule is required for the General Fund and all major special revenue funds that have a legally adopted annual budget. B) A Budget-Actual Comparison Statement may be prepared in lieu of the Schedule. C) Both of the above. D) Neither of the above.

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