True or False The 10% and the 5% tests to determine major funds are referred to as
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Question:
True or False
- The 10% and the 5% tests to determine major funds are referred to as “fiat measurements” which relieve CPAs from having to make subjective decisions on whether individual funds are major or nonmajor.
- The statistical section of a CAFR for a village government reports the expected population growth of the village over the next 10 years, increases in future property tax rates for the village over the next 5 years, and the need for additional funding for the village’s single employer pension plans.
- In Illinois, counties, cities, and villages are primary governments.
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