Reporting Fund Financial Information in Separate Columns for Each Major

Multiple Choice

Reporting fund financial information in separate columns for each major fund and aggregate information for nonmajor funds

A) Means that only those funds that meet the GASB's 10 percent and 5 percent rules are reported in separate columns.
B) Is optional under GAAP,but is generally required by state laws for governments.
C) Is the same manner of reporting used by business organizations.
D) Is required by generally accepted accounting principles for state and local governments.