Question
With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? A--When
With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist?
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A--When total assets, liabilities, revenues, or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise fund category.
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B--Both When total assets, liabilities, revenues, or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise fund category and When total assets, liabilities, revenues, or expenses of that individual enterprise fund are 5% of the total of the governmental and enterprise categories, combined required to be a major fund.
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C--When total assets, liabilities, revenues, or expenses of that individual enterprise fund are 5% of the total of the governmental and enterprise categories, combined.
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D--Either When total assets, liabilities, revenues, or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise fund category or When total assets, liabilities, revenues, or expenses of that individual enterprise fund are 5% of the total of the governmental and enterprise categories, combined would fulfil the requirements.
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