An interim budgetary comparison statement for a governmental fund is found in Illustration (a) Should this statement be prepared on the units budgetary basis or on the GAAP basis Why (b) Why are interim budgetary comparison statements important to effective management control and legislative oversi...

a The interim budgetary comparison statement should be prepared on the budgetary basison which the b ...

An interim budgetary comparison statement for a governmental fund is found in Illustration. (a) Should this statement

Question:

An interim budgetary comparison statement for a governmental fund is found in Illustration.
(a) Should this statement be prepared on the unit’s budgetary basis or on the basis? Why?
(b) Why are interim budgetary comparison statements important to effective management control and legislative oversight?

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...