The City of Somerset has the following fund information: Required Apply the criteria specified in GASB 34

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The City of Somerset has the following fund information:

Required
Apply the criteria specified in GASB 34 to determine which of these funds meets the major fund reportingcriteria.

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Advanced Financial Accounting

ISBN: 978-0078025624

10th edition

Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker

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Question Posted: May 23, 2014 12:34 PM

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The City of Somerset has the following fund information: Required Apply the criteria specified in GASB 34

Question:

Fund Liabilities Revenues (Expenses) $1,320,400 878,300 General Special revenue Capital project-library Capital project-arena Debt service Permanent Enterprise-electric Enterprise water 0 2

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Step 1 10 percent criterion tests Denominators for 10 percent tests are the total of each of the four items for that fund type for governmental and th...View the full answer

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