A Budgetary Comparison Schedule Is

question 153

Multiple Choice

A Budgetary Comparison Schedule is:

• A) optional under GASB standards for all funds.
• B) required by GAAP for internal management reports only; not permitted for external financial reporting.
• C) required for all governmental fund types.
• D) required for the General Fund, and for special revenue funds, for which an annual budget has been adopted.

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Definitions:

Period Costs

Expenses that are not directly tied to production activities and are instead charged to the periods in which they occur, such as selling, general, and administrative expenses.

Income Statement

A financial statement that reports a company's financial performance over a specific period, showing revenue, expenses, and net income.

Factory Overhead

Factory overhead refers to the indirect manufacturing costs not directly tied to the production of a specific product, such as utilities, depreciation, and maintenance of equipment.

Balance Sheet

A financial statement that presents a company's assets, liabilities, and shareholders' equity at a specific point in time.