A statement of revenues, expenditures, and changes in fund balances-budget and actual is:
A) Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted.
B) Required by GAAP for internal management reports only; not permitted for external financial reporting.
C) Required by GAAP for all governmental fund types.
D) Optional under GAAP, as long as a budgetary comparison schedule is presented.

Question

Quizplus · Accepted Answer

The Answer of A statement of revenues, expenditures, and changes in fund balances-budget and actual is:
A) Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted.
B) Required by GAAP for internal management reports only; not permitted for external financial reporting.
C) Required by GAAP for all governmental fund types.
D) Optional under GAAP, as long as a budgetary comparison schedule is presented.

A Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget