Which of the following is true regarding the reporting of Budget-Actual Comparisons?
A) A Budget-Actual Comparison Schedule is required for the General Fund and all major special revenue funds that have a legally adopted annual budget.
B) A Budget-Actual Comparison Statement may be prepared in lieu of the Schedule.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

The reporting of Budget-Actual Comparisons requires a Budget-Actual Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget. However, a Budget-Actual Comparison Statement may be prepared in lieu of the Schedule. Therefore, both options are true.

Which of the Following Is True Regarding the Reporting of Budget-Actual