Question

A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least:

a.5% of corresponding elements of total governmental funds and 10% of corresponding elements of total governmental and enterprise funds combined
b.10% of corresponding elements of total governmental funds and 10% of corresponding elements of total governmental and enterprise funds combined
c.5% of corresponding elements of total governmental funds and 5% of corresponding elements of total governmental and enterprise funds combined
d.10% of corresponding elements of total governmental funds and 5% of corresponding elements of total governmental and enterprise funds combined

Answer 1

A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least 5% of corresponding elements of total governmental funds and 10% of corresponding elements of total governmental and enterprise funds combined.

Step-by-step explanation:

A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least 5% of corresponding elements of total governmental funds and 10% of corresponding elements of total governmental and enterprise funds combined.