The City of Somerset has the following fund information: Required Apply the criteria specified in GASB 34

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The City of Somerset has the following fund information:

Required
Apply the criteria specified in GASB 34 to determine which of these funds meets the major fund reportingcriteria.

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Advanced Financial Accounting

ISBN: 978-0078025624

10th edition

Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker

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Question Posted: May 23, 2014 12:34 PM

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The City of Somerset has the following fund information: Required Apply the criteria specified in GASB 34

Question:

Fund Liabilities Revenues (Expenses) $1,320,400 878,300 General Special revenue Capital project-library Capital project-arena Debt service Permanent Enterprise-electric Enterprise water 0 2

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Step 1 10 percent criterion tests Denominators for 10 percent tests are the total of each of the four items for that fund type for governmental and th...View the full answer

Advanced Financial Accounting

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