Which of the following basis of accounting should be used when preparing a budgetary comparison schedule for a government's General Fund?
A)budgetary basis of accounting
B)accrual basis of accounting
C)modified accrual basis of accounting
D)GASB recommends the accrual basis of accounting be used,but does not require it.

Question

Quizplus · Accepted Answer

The budgetary basis of accounting is used when preparing a budgetary comparison schedule for a government's General Fund because it aligns with the budget that was originally adopted and may be different from the accrual or modified accrual basis used for financial reporting.

Which of the Following Basis of Accounting Should Be Used