Which of the following is true with respect to the General Fund?
A. The General Fund is always considered to be a major fund when preparing fund basis financial statements.
B. The General Fund is considered to be a major fund if the combined total of assets, liabilities, revenues and expenses exceeds 10% of the total of all governmental funds.
C. The General Fund is not reported as part of the CAFR.
D. The General Fund is considered to be a major fund when preparing fund basis financial statements if it bears a financial benefit or burden to the primary government.
Answer: A
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