Which of the Following Is True Regarding the Reporting of Major

Multiple Choice

Which of the following is true regarding the reporting of major funds in the governmental funds financial statements?

A) The General Fund is always considered a major fund.
B) A fund is considered major if its revenues, expenditures, assets, or liabilities exceed 10% of the total governmental fund categories and if the same element revenues, expenditures, assets, or liabilities) exceeds 5% of the governmental and enterprise funds combined.
C) Both A and B are true.
D) Neither A nor B is true.