Which General Fund financial statement may be reported using a basis of accounting other than GAAP?

Question

Quizplus · Accepted Answer

The Statement of Revenues, Expenditures, and Changes in Fund Balance-Budget and Actual may be reported using a basis of accounting other than GAAP because it compares the budgeted figures (which may be prepared on a different basis than GAAP) to the actual figures. This allows for the presentation of budgetary compliance and the financial planning basis used by the entity.

Which General Fund Financial Statement May Be Reported Using a Basis