Comparisons of Budgeted Versus Actual Revenues and Expenditures Are

question 47

Multiple Choice

Comparisons of budgeted versus actual revenues and expenditures are

• A) Required by GAAP for the General Fund and major special revenue funds for which an annual budget has been legally adopted.
• B) Required by GAAP for all governmental fund types.
• C) Required by generally accepted accounting principles (GAAP)for internal management reports only; not permitted for external financial reporting.
• D) Optional under GASB standards for all funds.