Chapter 12, Problem 15.4EP

The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that

1. a.      The accounting system should provide the basis for appropriate budgetary control.
2. b.      Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget.
3. c.       Annual budgets should be adopted by each government.
4. d.      All of the above.