GASB requires a schedule of revenues, expenditures, and changes in fund balances—budget and actual for which funds?

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Enhance your knowledge of GASB and FASAB Standards. Study with multiple choice questions, hints, and detailed explanations. Prepare efficiently for your exam!

Multiple Choice

GASB requires a schedule of revenues, expenditures, and changes in fund balances—budget and actual for which funds?

Explanation:
GASB requires a budget-to-actual schedule for funds that operate under an annual legally adopted budget. The General Fund always has such a budget, and all major special revenue funds that have an annual legally adopted budget must present this schedule. Funds without an annual legally adopted budget, or those not identified as major, are not required to have this budgetary comparison shown. So the correct understanding is that the schedule is required for the General Fund and all major special revenue funds for which an annual budget is legally adopted.

GASB requires a budget-to-actual schedule for funds that operate under an annual legally adopted budget. The General Fund always has such a budget, and all major special revenue funds that have an annual legally adopted budget must present this schedule. Funds without an annual legally adopted budget, or those not identified as major, are not required to have this budgetary comparison shown. So the correct understanding is that the schedule is required for the General Fund and all major special revenue funds for which an annual budget is legally adopted.

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