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.

Question

Quizplus · Accepted Answer

Al of statements are true. The General Fund is always a major fund. Each fund that is considered major must be reported in a separate column in the governmental funds financial statements. A government may designate any fund as major if it feels that reporting that fund in the basic financial statements would be useful.

Which of the Following Is False Regarding Major Fund Reporting