GAAP Require State and Local Governments to Include in Their

question 17

Essay

GAAP require state and local governments to include in their annual financial reports a budget-to-actual comparison showing actual results and original and final appropriated budgets. What are the advantages of requiring both the original and final appropriated budget amounts?

---

Definitions:

Low in Variability

Describes a set of data or a situation where there is little difference or diversity among the elements or outcomes.

Large in Size

Describing an object, entity, or organism that is significantly above average in dimension or magnitude.

High in Variability

Characterized by wide variations or differences in characteristics, outcomes, or responses.

Standard Deviations

A measure of the amount of variation or dispersion of a set of values, indicating how much the values differ from the mean of the set.