Which are the requirements that must be met for a special revenue fund to be classified as
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Question:
a. Total assets, liabilities, revenues, or expenditures of the individual governmental fund must be at least 10 percent of the total governmental funds category.
b. The fund must have qualified to be classified as a major fund for at least three of the past five years if it has been in existence for that length of time.
c. Total assets, liabilities, revenues, or expenditures of the individual governmental or enterprise fund are 5 percent of the total of the governmental funds and enterprise categories combined.
d. All of the above
e. Both A and C are necessary.
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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