Question
Using the annual report obtained for Exercise 11, answer the following questions. Exercise 3-1 Part b b. Review the Budgetary Comparison Schedule in the RSI
Using the annual report obtained for Exercise 11, answer the following questions. Exercise 3-1 Part b b. Review the Budgetary Comparison Schedule in the RSI section of your annual report (or Budgetary Comparison Statement, if that is used by your government) for the General Fund. Is the budgetary format used, or is the schedule in the format used for the Statement of Revenues, Expenditures, and Changes in Fund Balances? Does the report reflect the original budget, revised budget, and actual figures? Are variance columns presented comparing the actual with the revised budget and comparing the original with the revised budget? Is a reconciliation between the budgetary basis of accounting and GAAP presented on the budgetary comparison schedule or in a separate schedule? What are the major differences, if any? Are budgetary comparison schedules (or statements) presented for special revenue funds? Are all special revenue funds included?
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