If State Law Requires That Local Governments Prepare General Fund

question 85

Multiple Choice

If state law requires that local governments prepare General Fund and special revenue fund budgets on a basis that differs from the basis of accounting required by GAAP,then the budgetary comparison schedule or statements should

• A)Not be included as part of the basic financial statements.
• B)Be included with the actual figures presented on the budget basis and then reconciled to the GAAP basis.
• C)Be included with budget figures adjusted to the GAAP basis and presented only as part of the basic financial statements.
• D)Be included as part of management's discussion and analysis (MD&A).

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