Which of the following is true regarding the reporting of Budget-Actual Comparisons?
A)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

Governments have the option of reporting a budget comparison statement as part of the basic financial statements rather than the budgetary comparison schedule in the RSI. A budgetary comparison schedule is required for the General fund and each major special revenue fund that has a legally adopted budget.

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