Budgetary comparison schedules presenting budgeted versus actual revenues and expenditures are
A) Optional under GASB standards for all funds.
B) Required by GAAP for internal management reports only; not permitted for external financial reporting.
C) Required by GAAP for the General Fund and major special revenue funds for which an annual budget has been legally adopted.
D) Required by GAAP for all governmental fund types.

Question

Quizplus · Accepted Answer

Budgetary comparison schedules presenting budgeted versus actual revenues and expenditures are required by GAAP for the General Fund and major special revenue funds for which an annual budget has been legally adopted. It is not optional under GASB standards for all funds, not required by GAAP for all governmental fund types, and not restricted to internal management reports only.

Budgetary Comparison Schedules Presenting Budgeted Versus Actual Revenues and Expenditures