The City of Fox is evaluating which of its funds it will present as a major fund
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Question:
- The City of Fox is evaluating which of its funds it will present as a major fund in its fund financial statements at December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1:
Total Governmental Fund Type Assets | $ 3,000,000 |
Total Enterprise Fund Assets | 2,000,000 |
General Fund Assets | 280,000 |
Community Development Special Revenue Fund | 290,000 |
Sales Tax Special Revenue Fund | 350,000 |
General Revenue Bonds Debt Service Fund | 120,000 |
Faberville River Bridge Capital Project Fund | 1,500,000 |
Faberville Water & Sewer Utility Fund | 1,800,000 |
Faberville Landfill | 200,000 |
Based purely on assets, how many funds should be displayed as major funds?
a. | Four. | |
b. | Five. | |
c. | Six. | |
d. | Three. |
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
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