Question
What is true regarding the initial basis for the accounting of budgets and the basis of accounting for financial statements? YOUR ANSWER CORRECT ANSWER A
What is true regarding the initial basis for the accounting of budgets and the basis of accounting for financial statements?
YOUR
ANSWER
CORRECT
ANSWER
A city must prepare budgets on a cash basis and reconcile the difference in the notes.
A city may prepare budgets on an encumbrance basis and reconcile the difference in the notes.
A city may prepare budgets on a cash or encumbrance basis and reconciliation is not required.
A city must prepare budgets on the same basis as the financial statements and reconciliation is not required.
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Canadian Cases In Financial Accounting
Authors: Carol E. Dilworth, Joan E. D. Conrod
2nd Edition
256111405, 978-0256111408
