What is Budgetary comparison schedule?
In short
Governments present a budgetary comparison for the general fund and each major special revenue fund with a legally adopted budget, showing the original budget, the final budget and actual results on the budgetary basis.
Key takeaways
- It is usually required supplementary information, though it can be presented as a basic statement.
- A variance column is encouraged but not required.
- Differences between the budgetary basis and the accounting basis must be reconciled.
Where it's tested
BAR: Governmental Fund Accounting — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A city's General Fund purchases a fire truck for $400,000 cash. How is this recorded in the General Fund?