Question: Which is true regarding the initial basis for the accounting of budgets and the basis of accounting for financial statements? A city must prepare budgets

Which is true regarding the initial basis for the accounting of budgets and the basis of accounting for financial statements?

A city must prepare budgets on a cash basis and reconcile the difference in the notes.

A city must prepare budgets on the same basis as the financial statements and reconciliation is not required.

A city must prepare budgets on a cash basis or encumbrance and reconciliation is not required.

A city must prepare budgets on an encumbrance basis and reconcile the difference in the notes.

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