Which of the following statements is True regarding the required disclosure of budgetary information?
A) All budgetary disclosures should be presented in the notes to the financial statements.
B) There is one specific format for presenting the budgetary comparison statement.
C) Budgetary comparisons may be presented as a statement or as required supplementary information (RSI).
D) The budgetary reconciliation must focus on the operating statement, but not the statement of position.

Question

Quizplus · Accepted Answer

Budgetary comparisons may be presented as a statement or as required supplementary information (RSI). The format of the budgetary comparison statement is not specified, so there is no one specific format for it. Budgetary disclosures may be presented in the notes to the financial statements, but they may also be presented as RSI. The budgetary reconciliation should focus on both the operating statement and the statement of position.

Which of the Following Statements Is True Regarding the Required