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 comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund for which an annual budget has been adopted.
D) The budgetary comparison schedule 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 an annual budget to be adopted using generally accepted accounting principles. However, it does require the budget to be adopted in accordance with legal and regulatory requirements and budgetary policies.

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