The purposes of budget are:1. Planning comprises programming, resource acquisition and resource allocation; 2. Controlling and administering that budges help ensure that resources are obtained and expended as planned; 3. Reporting and evaluating that budgets lay the foundation for end-of -period reports and evaluations. Which of the following is incorrect with respect to the Balance Sheet for Governmental funds? a. The excess of assets and deferred outflows over liabilities and deferred inflows is labeled fund balance. b. Governmental funds report capital assets net of depreciation c. The statement is prepared using the current financial resources measurement focus and the modified accrual basis of accounting. d. The total fund balance must be reconciled to total net position in the governmental activities column of the government-wide statement of Net Position