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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