Unformatted text preview: 2-3. Identification of which funds are reported as major funds is readily accomplished by viewing the governmental funds balance sheet and statement of revenues, expenditures, and changes in fund balances. Once a student calculates 10 percent of total governmental fund assets, liabilities, revenues, and expenditures, and 5 percent of governmental and enterprise fund totals for the same elements, it should be relatively simple to compare the totals for these elements for each major fund to the 10 percent and 5 percent amounts. Comparisons for the General Fund are unnecessary since this fund is always reported as a major fund....
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This note was uploaded on 06/21/2011 for the course BUS-A 335 taught by Professor Trax during the Summer '11 term at IUPUI.
- Summer '11