Question: Not all governmental funds need to be separately presented on the governmental funds financial statements. What are the two tests for determining major governmental funds

Not all governmental funds need to be separately presented on the governmental funds financial statements. What are the two tests for determining major governmental funds for which separate disclosure is required?

Step by Step Solution

★★★★★

3.38 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

specifies that only governmental and enterprise funds determined to be major funds need to be separa... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

297-B-A-G-F-A (2722).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

What are the two tests used to determine whether a group of corporations is a brother-sister group?

Effect of transactions on the elements of financial statements Required Identify each of the following independent transactions as asset source (AS), asset use (AU), asset exchange (AE), or claims...

Not all governmental funds need to be separately presented on the govermment-wide financial statements. What are the two tests for determining major governmental funds for which separate disclosure...

Analysis of revenues and revenue sources. (1) How stable and flexible are the city's revenue sources in the event of adverse economic conditions? (2) Is the revenue base well diversified, or does the...

29. Which of the following is not a fiduciary fund? A. Custodial fund. B. Investment trust fund. C. Public-purpose trust fund. D. Pension trust fund. 30. Which of the following statements regarding...

Select the best answer for each of the following multiple-choice questions. 1. What is the underlying reason a governmental unit uses separate funds to account for its transactions? a. Governmental...

Evaluating Financial Help (Week 9) Assistance with this assignment. I am especially week with PowerPoint Presentations. 750-1050 Word paper evaluating the financial health of a company (financials...

Answer the following questions using the attached state's CAFR. 1. Explain the difference among non-spendable, restricted, committed, assigned, and unassigned fund balances. 2. Explain how the...

Ratio Analysis - Access the information contained in your selected organization?s balance sheet and income statement to calculate the following: Liquidity ratios Current ratio Acid-test, or quick,...

Rabinson-tarts out with 10 lobsters and five coconuts. Friday starts out with 10 lobsters and 15 coconuts. Their preferences are such that they can still benefit from trade. a. Draw the Edgeworth...

a. Test the following hypotheses of the difference in population means by using the following data ( = .10) and the eight-step process. H0: 1 2 = 0 Ha: 1 2 b. Use the critical value method to find...

Given n = 25, b1 = 5, b2 = 10, Sb1 = 2, Sb2 = 8: a. Which variable has the largest slope in units of a t statistic? b. Construct a 95% confidence interval estimate of the population slope, 1. c. At...

Why dont investors always trade rationally?

On January 1, Year 4, a Canadian firm, Canuck Enterprises Ltd., borrowed US$200,000 from a bank in Seattle, Washington. Interest of 7% per annum is to be paid on December 31 of each year during the...

In the fall of Year 5, eight wealthy business people from the same ethnic back ground formed a committee (CKER committee) to obtain a radio license from the Canadian Radio-Television and...

The OPI Care Centre is an NFPO funded by government grants and private donations. It prepares its annual financial statements using the deferral method of accounting for contributions, and it uses...

6. Use the digits 0, 1,2,3,5,7,7,8,8 to create 5 digit numbers. The digits may not be repeated. Numbers cannot start with a O. Calculate the number of 5 digit arrangements possible if: a. there are...

Carimusic, the operator of a Caribbean culture Facebook group is considering starting a new on-line music streaming service that offers a complete Caribbean music catalog with regular artiste...

12 13 14 A scientist has two solutions, which she has labeled Solution A and Solution B. Each contains salt. She knows that Solution A is $5% salt and Solution B 80% salt. She wants to obtain 160...