Which of the following statements is false?
A. When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds.
B. When preparing fund basis financial statements, any funds not reported separately are reported by function.
C. In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds.
D. With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful.
Answer: B
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