According to GASB financial reporting requirements, the General Fund and major Special Revenue Funds are required to prepare a budgetary comparison statement.

Question

Quizplus · Accepted Answer

Although a budgetary comparison is required, it does not have to be a statement. GASB standards require preparation of a budgetary comparison, which may be presented either as a basic financial statement or as a schedule in required supplementary information.

According to GASB Financial Reporting Requirements, the General Fund and Major