Question

The amounts reported for assets and liabilities in the total column for the combining balance sheet for nonmajor governmental funds are also reported in the other governmental funds column of the governmental funds balance sheet.
A. True
B. False

Answer 1

Answer: True

Explanation:

Governmental funds refers to the assets, money, or property, of the government.

It should be noted that the non major governmental fund is also a form of fund as well and therefore, the amounts that are reported for assets and liabilities in the total column for the combining balance sheet for the nonmajor governmental funds will also have to be reported in the other governmental funds column of the governmental funds balance sheet.

Therefore, the correct option is True