Which of the following is NOT a reason that legally adopted budgets may not be readily comparable to amounts reported in the GAAP-based financial statements?
A)Differences in Basis of Accounting.
B)Differences in Timing.
C)Differences in Reporting Entity.
D)Differences in Recognition.

Question

Quizplus · Accepted Answer

Differences in recognition refer to how transactions are recorded and reported in the financial statements. This is consistent within GAAP, so legally adopted budgets should also follow the same principles. Therefore, differences in recognition should not prevent budgets from being comparable to GAAP-based financial statements.

Which of the Following Is NOT a Reason That Legally