A properly prepared schedule of revenues, expenditures, and changes in fund balances-budget and actual will include which of the following columns?
A) Actual revenue and expenditure amounts on the GAAP basis.
B) Actual revenue and expenditure amounts on the budget basis.
C) Encumbrances outstanding at year-end.
D) Unexpended appropriations.

Question

Quizplus · Accepted Answer

A properly prepared schedule of revenues, expenditures, and changes in fund balances - budget and actual, will include actual revenue and expenditure amounts on the budget basis to compare with the original and final budgeted amounts. This allows for an analysis of how well the entity adhered to its budget.

A Properly Prepared Schedule of Revenues, Expenditures, and Changes in Fund