course hero funds other than the general fund are required to be considered to be a major fund when

82.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.

Full Answer

What type of fund is a general fund?

General Fund This includes the Budget Stabilization Account and accounts used to finance local projects, which are generally funded with bond proceeds and do not result in an asset owned by the state. Other Accounts in the General Fund - Used for accounts that have no balances or activity.

What fund is there only one of and is always considered a major fund?

The General Fund is always a Major Fund and any other government or enterprise fund may be reported as a Major Fund if the government believes that fund is particularly important to financial statement users.

Is the general fund always considered major?

For each of the required fund statements, local governments will report separate columns for the general fund, which is always considered a major fund, and for each major governmental and enterprise fund.

What two statements are required for the general fund?

This article looks at the two required financial statements for the governmental funds—the balance sheet and the statement of revenues, expenditures, and changes in fund balances.

What is the rule for determining whether a governmental fund other than the General Fund is a major fund?

A fund is considered major if its revenues, expenditures, assets, or liabilities exceed 10% of the total governmental fund categories and if the same element (revenues, expenditures, assets, or liabilities) exceeds 5% of the governmental and enterprise funds combined are true.

When preparing governmental fund financial statements for a city the general fund is considered a major fund?

With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues and expenditures combined are at least 10% of the total for the governmental funds category. 5.

Which is always a major fund?

The general fund is always a major fund.

What other funds should or may be reported as major funds?

Major Funds Major fund reporting is applied only to governmental funds (i.e., general, special revenue, debt service, capital project, and permanent funds) and enterprise funds. Internal service funds are excluded from the major fund reporting requirements.

What are major funds in governmental accounting?

Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental or enterprise funds and at least 5 percent of the aggregate amount for all governmental and enterprise funds.

Which of the following is considered part of the required supplementary information for general purpose external financial reporting of a local government?

MD&A are a compulsory part of Required Supplementary Information for general purpose external financial reporting of a local government.

Which of the following fund types is not included in the government-wide financial statements?

The fiduciary funds (such as pension trusts and agency funds) are not included in the government-wide statements, because the resources they account for do not belong to the government. The governmental and business-type activities combine to represent the total primary government.

Which of the following is one of the minimum requirements established by the GASB for general purpose external financial reporting?

The minimum requirements for general purpose external financial reporting are (1) management's discussion and analysis (MD&A), (2) the basic financial statements, including the notes to the financial statements, and (3) combining and individual fund financial statements.

Which country would be considered a part of a global fund but not an international fund?

Which of the following statements is NOT true about a money market fund. Mutual funds commonly hold only about 5% of total assets in money market securities. Which country would be considered a part of a global fund but not an international fund? U.S.A.

Which of the following mutual funds would generally be considered the most liquid?

Cash is typically considered the most liquid asset, securities have different levels of liquidity and fixed assets are usually nonliquid. Real estate wouldn't be considered a liquid asset, for example. That's because its value can change over time, and it may take a while to sell.

How is an index fund a diversified investment?

An index can be made up of hundreds to thousands of stocks. The average investor couldn't afford to buy all of those stocks. Exchange-traded funds (ETFs) and mutual funds that follow an index can buy all those stocks because they have larger pools of money made up of the dollars of thousands of investors.

Which of the following investment funds would typically see the greatest amount of appreciation if the stock market were to go up?

Which of the following investment funds would typically see the greatest amount of appreciation if the stock market were to go up? Common stock has the greatest growth potential (and risk) compared to preferred stock and bonds. It also performs the best in in the long-run relative to inflation.

Why is CAFR required?

A) The CAFR is required in order to be in conformity with Generally Accepted Accounting Principles (GAAP).

What is a special purpose government?

A) Special purpose governments are to prepare the same financial statements as general-purpose governments, in all cases. B) Special purpose governments that are governmental in nature and have more than one governmental program are allowed to prepare the governmental fund financial statements only.

What is considered a major fund?

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.

What percentage of a governmental fund is considered a major fund?

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 that individual governmental fund constitutes 10% of the total for the governmental fund category.

What is primary government?

B) Primary governments may be general-purpose governments (such as states, cities, and counties) or special-purpose governments that have separately elected governing bodies, are legally separate and are fiscally independent of other state or local governments.

Do governments have to prepare financial statements?

D) In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.

When are component units included in a government?

A) component units are included if the primary government is financially accountable for their operations.