Question

With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? Multiple Choice Wh o l es, labies, revenues or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise find category Both When total se b qurato m , leben over or expenses of the individual enterprise fund constitutes 10% of the total for the enterprise fund category and When a ve or expenses of the individ e ronte indare of the total of the governmental and enterprise categories combined und b Either When totale toolset babes, With requirements e ves expenses of individual enterpriselund constitutes 10% of the total for the enterprise fund category or When enves, or expense of india enterprise fundare of the total of the governmental and enterprise categories, combined would abilitiesevenves, expenses or that individuel e fund are 5% of the total of the governmental and enterprise categories, combined.

Answer 1

Both the conditions that is,

1. when total assets, liabilities, revenues, or expenditures of that individual governmental fund constitutes 10% of the total for the governmental fund category,
2. when total assets, liabilities, revenues, or expenditures of that individual governmental or enterprise fund are 5% of the total of the governmental and enterprise categories combined.

Then enterprise funds are considered major,

Therefore answer will be option 3.