Which of the following is true regarding the Budgetary Comparison Schedule?
A) The Budgetary Comparison Schedule compares the actual results to the original budget, but display of variances is optional.
B) The Budgetary Comparison Schedule must be prepared for the General Fund and each major special revenue fund that has a legally adopted budget.
C) The Budgetary Comparison Schedule is considered part of the basic financial statements.
D) All of the above are true.

Question

Quizplus · Accepted Answer

The Budgetary Comparison Schedule must be prepared for the General Fund and each major special revenue fund that has a legally adopted budget. This is the only statement that is completely true. Option A is partially true as the Budgetary Comparison Schedule compares the actual results to the original budget, but it is mandatory to display variances. Option C is not true as the Budgetary Comparison Schedule is not considered part of the basic financial statements.

Which of the Following Is True Regarding the Budgetary Comparison