The budgeting principle in generally accepted accounting principles (GAAP) for s

Question

The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that:

1. The accounting system should provide the basis for appropriate budgetary control.

2. Budgetary comparison should be presented for the General Fund and each major special revenue fund that has a legally adopted budget. The budgetary comparison should present both (a) the original and (b) the final appropriated budgets for the reporting period as well as (c) actual inflows, outflows, and balances, stated on the government's budgetary basis.

3. Annual budgets should be adopted by every governmental unit.

4. All of the above.

Explanation / Answer

The answer is "4. All of the above"

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