Distinguish between the (1) GAAP basis and (2) Budgetary basis of reporting for the General Fund.
Question:
(1) GAAP basis and
(2) Budgetary basis of reporting for the General Fund.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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1 GAAP Basis is the accounting principles used to report in th...View the full answer
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Related Book For 
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
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