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

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 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.

Explanation / Answer

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

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