Which of the following statements is not consistent with the GASB's "Budgeting, Budgetary Control, and Budgetary Reporting Principle"?
A) An annual budget must be adopted using generally accepted accounting principles.
B) The accounting system should provide the basis for appropriate budgetary control.
C) Budgetary comparisons should be presented for the General Fund and each major special revenue fund for which an annual budget has been adopted.
D) The budgetary comparisons should present both the original and the final appropriated budgets for the reporting period.

Question

Quizplus · Accepted Answer

The GASB's "Budgeting, Budgetary Control, and Budgetary Reporting Principle" does not require that an annual budget must be adopted using generally accepted accounting principles. However, it does require that budgetary comparisons should be presented for the General Fund and each major special revenue fund for which an annual budget has been adopted, the accounting system should provide the basis for appropriate budgetary control, and that the budgetary comparisons should present both the original and the final appropriated budgets for the reporting period.

Which of the Following Statements Is Not Consistent with the GASB's