Use the Following Information to Determine Whether the Development Special

Multiple Choice

Use the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amounts provided. $\begin{array}{llr}\text { Development Special Revenue Fund Assets } & \$ & 740,000 \\ \text { Debt Service Fund Assets } & \$ & 150,000 \\ \text { Total Governmental Fund Assets } & \$ &7,500,000 \\ \text { Total Governmental Fund and Enterprise Fund Assets } & \$ &8,750,000\end{array}$
 

A) The Development Special Revenue Fund should be reported as major.
B) The Debt Service Fund should be reported as major.
C) Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major.
D) Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major.