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 (A) and (B) are true.
D) Neither (A) nor (B) is true.

Question

Quizplus · Accepted Answer

A Budget-Actual Comparison Schedule is required for the General Fund and all major special revenue funds with a legally adopted annual budget, and a statement may be prepared instead of a schedule.

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