Budgetary comparison schedules for the General Fund and each Special Revenue Fund that has a legally adopted budget must be presented as required supplementary information.

Question

Quizplus · Accepted Answer

The statement is incorrect for two reasons. First, budgetary comparisons are prepared for major Special Revenue Funds-not for all Special Revenue Funds. Second, a government may present its budgetary comparisons either as required supplementary information or as a statement with the basic financial statements.

Budgetary Comparison Schedules for the General Fund and Each Special