Which statement about major revenue sources in governmental funds is true?

The correct statement regarding major revenue sources in governmental funds emphasizes that they must meet the availability criterion for disclosure. This criterion is fundamental in governmental accounting, as it ensures that revenues are recognized in the appropriate period based on when they are expected to be collected. The availability criterion states that revenues should be recognized only when they are available to finance expenditures of the current period or the next period.

In governmental accounting, the focus is on providing information that is relevant and useful for decision-making. By requiring that revenue sources meet the availability criterion, this stipulation ensures that the financial statements reflect a true and fair view of the government’s financial position and can be relied upon by users such as taxpayers, creditors, and oversight bodies. This requirement helps enhance transparency and accountability in how public funds are managed.

The other statements do not accurately reflect the standards for disclosing major revenue sources. Disclosures are not left to management's discretion, nor is the availability criterion an optional consideration in determining what revenue should be reported. Thus, recognizing and adhering to the availability criterion is essential for compliance with governmental accounting standards.