Following are some of the county’s governmental funds. The county has asked you to determine is any of the funds listed should be classified as major funds based on the GASB size criteria. Clearly indicate which fund(s) you believe should be classified as major and provide support for your choice(s).

 

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Total of all Special Revenue Total of all Governmental & General Fund Fund Debt Service Fund Governmental Funds Enterprise Funds Assets 12,000,000 1,000,000 500,000 15,000,000 21,000,000 Liabilities 3,000,000 250,000 30,000 4,580,000 5,890,000 1,450,000 1,300,000 13,770,000 13,460,000 Revenues 10,000,000 600,000 17,123,000 Expenditures/Expenses 9,859,000 725,000 16,665,000 Total of all Special Revenue Total of all Governmental & General Fund Fund Debt Service Fund Governmental Funds Enterprise Funds Assets 12,000,000 1,000,000 500,000 15,000,000 21,000,000 Liabilities 3,000,000 250,000 30,000 4,580,000 5,890,000 1,450,000 1,300,000 13,770,000 13,460,000 Revenues 10,000,000 600,000 17,123,000 Expenditures/Expenses 9,859,000 725,000 16,665,000

Answer rating: 100% (QA)

Major Funds Reason Debt Service Fund Debt Service Fund Revenue o... View the full answer