A fund must be reported as major if
a) total assets of that fund are at least 10% of the total assets of all governmental funds
b) Total expenditures of that fund are at least 10% of the total expenditures of all governmental funds and enterprise funds combined
c) Total liabilities of that fund are 10% of the total liabilities of all governmental funds and 5% of the total liabilities of all governmental and enterprise funds combined
d) Total revenues of that fund are 10% of the total revenues of all governmental funds and 3% of the total revenues of all enterprise funds
Answer: C
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