According to GASB Statement No. 34 , a Capital Projects Fund statement of revenu

Question

According to GASB Statement No. 34, a Capital Projects Fund statement of revenues, expenditures, and changes in fund balance—budget and actual is:

A. Required for each Capital Projects Fund.

B. Required to be presented as a basic financial statement for each major Capital Projects Fund with a legally adopted annual budget.

C. Required to be presented as a basic financial statement or required supplementary information for each major Capital Projects Fund with a legally adopted annual budget.

D. Not required, but may be presented as other supplementary information.

Explanation / Answer

Solution: Required to be presented as a basic financial statement or required supplementary information for each major Capital Projects Fund with a legally adopted annual budget.

Explanation: GASBS 34 requires that a budget when compared to actual comparison schedule should be provided for the General Fund and for each main special revenue fund for which a budget is legally adopted. It further recommends that these schedules be provided as required supplementary information (RSI) that must be immediately placed following the notes to the financial statements

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.