Unformatted text preview: The 5% criterion test is met if at least one of the items that met the 10% criterion first test is at least 5% of the respective amounts for all governmental and enterprise funds. Totals for Amount reported Governmental and by Special Items Tested Enterprise Funds Revenue Fund 2. Liabilities $37,000,000 $3,900,000 (10.5%) (5% test met) 4. Expenditures/expenses 82,000,000 6,500,000 ( 7.9%) (5% test met) Conclusion: The special revenue fund should be reported as a major fund on the financial statements of the governmental funds for 20X2 because both its expenditures and liabilities met the 10% and the 5% tests....
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- Fall '11
- Revenue, Generally Accepted Accounting Principles, Special Revenue Fund, Revenue Fund