5. Wilayat A implemented GAAP reporting and is attempting to determine which of the fund should be classified as major funds and therefore be reported in separate columns on the balance sheet and statement of revenues, expenditures, and changes in fund balances for the governmental funds. As an external auditor calculate 10 % and 5 % for the respective funds and prepare a short report for the Wali office. Give proper recommendations and explanations. Selected information is provided below: (2+3 marks) (OMR) Financial Road Debt Capital 10 % of Total 5% of Total Statement Tax Fund Service Projects Governmental Governmental and Elements Fund Fund Funds Enterprise Funds Assets 1,369,238 3,892,020 19,273,676 4,492,627 4,082,141 Liabilities 172,439 62,530 368,727 86,792 1,562,368 Revenues 4,289,876 6,836,472 6,286,240 6,073,695 3,942,318 Expenditures / Expenses 3,986,746 5,622,890 9,846,935 5,952,221 3,834,623