Pearson eText for Governmental and Nonprofit Accounting -- Instant Access (Pearson+)
Pearson eText for Governmental and Nonprofit Accounting -- Instant Access (Pearson+)
11th Edition
ISBN: 9780137561667
Author: Robert Freeman, Craig Shoulders
Publisher: PEARSON+
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Chapter 1, Problem 1.5E

Legally adopted budgets of governmental funds are

  1. a. fixed-dollar budgets, which establish expenditure limits that are not to be exceeded.
  2. b. fixed budgets that cannot be modified during the budget year.
  3. c. flexible budgets in which the expenditure limits are automatically modified to reflect larger than budgeted levels of various services.
  4. d. always adopted using the same basis of accounting required by GAAP.
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