Question
How does a fund qualify as major under the size tests?
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Answer
It must pass both the 10% category test and the 5% combined test.
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Question
Why is MD&A included before the basic financial statements?
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Answer
It is required supplementary information that gives management's analysis.
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Question
Why is the General Fund treated differently in major fund reporting?
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Answer
It is always major.
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Question
What statements are required for fiduciary funds?
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Answer
Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position.
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