Chapter 3, Problem 1.4E

Which of the following statements is false?

1. a. Generally Accepted Accounting Principles (GAAP) dictate the basis of budgeting for all governmental funds.
2. b. Budgets of different governments may have different budgetary control points.
3. c. A good budget process incorporates a long-term perspective, even if the budget is adopted annually.
4. d. Allocations are executive branch subdivisions of an appropriation to more detailed expenditure classifications.