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 are 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 are categorized as required supplementary information (RSI) according to generally accepted accounting principles (GAAP). The budgetary comparison statement typically shows the original budget, final budget, actual results, and variances. While budgetary information may be included in the notes to the financial statements, it is not required to be presented solely in the notes. There is also no specific format for presenting the budgetary comparison statement - it can be presented in the notes or as a separate statement, as long as it includes the required information. The budgetary reconciliation should cover both the operating statement and the statement of position.

Which of the Following Statements Is True Regarding the Required