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 always considered to be a major fund when preparing fund basis financial statements.
C) The General Fund is never considered to be a major fund when preparing fund basis financial statements.
D) The General Fund is not reported as part of the CAFR.

Question

Quizplus · Accepted Answer

The General Fund is always considered a major fund in governmental accounting because it is the primary operating fund of a government, used to account for all financial resources except those required to be accounted for in another fund.

Which of the Following Is True with Respect to the General