Questions: Question 7 2.3 pts A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least: Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined. Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined. Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined. Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined. Previous Next Quiz saved at 9:41pm Subm

Question 7 2.3 pts A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least: Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined. Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined. Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined. Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined. Previous Next Quiz saved at 9:41pm Subm

Solution

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Answer

The answer is: Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined.

Explanation
Option 1: Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.

This option does not align with the criteria set by the Governmental Accounting Standards Board (GASB) for identifying major funds.

Option 2: Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.

This option is incorrect because it requires both percentages to be 10%, which is not the standard used by GASB.

Option 3: Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined.

This option correctly reflects the GASB criteria for a major fund, which requires that a fund's elements be at least 10% of the corresponding element for all governmental funds and at least 5% of the corresponding element for the total of governmental and enterprise funds combined.

Option 4: Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined.

This option does not meet the GASB criteria, as it sets both thresholds at 5%, which is lower than the required percentages.

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