Question

Under GASB standards, where are nonmajor funds reported?

A. In the government-wide financial statements.
B. In a note disclosure following the financial statements.
C. In the management's discussion and analysis preceding the financial statements.
D. In aggregate amounts in a single column in the fund financial statements.

Answer 1

Nonmajor funds under GASB standards are reported in aggregate amounts in a single column in the fund financial statements.

Step-by-step explanation:

The student has asked about the reporting of nonmajor funds under the Governmental Accounting Standards Board (GASB) standards. Under GASB, nonmajor funds are reported by aggregating them and presenting in a single column on the fund financial statements. This is to show detailed information without overwhelming the financial statements with numerous columns for each nonmajor fund. Therefore, option D. In aggregate amounts in a single column in the fund financial statements is the correct response to where nonmajor funds are reported according to GASB standards.