C GASB Statement No. 34 provides the criteria for determining major funds, primarily based on quantitative thresholds (e.g., 10% of total assets, liabilities, revenues, or expenditures/expenses). However, GASB also allows management to designate any governmental or enterprise fund as a major fund if, in its judgment, it is particularly important to users of the financial statements—even if it doesn’t meet the quantitative criteria. Other options are incorrect: The general fund is always presented as a major fund regardless of criteria. Internal service funds are never reported as major funds in the fund financial statements. Relevant Reference: GASB Statement No. 34 – Paragraph 76 GASB Codification Section 2200 – Fund Reporting Requirements GFOA ACFR Preparation Guide Answer : C. Management can elect to present any governmental or enterprise fund as a major fund