GASB considers budgetary accounting and reporting to be important. Explain one of the principles outlined by GASB related to budgetary accounting and reporting.
A principle outlined by GASB concerning budgetary accounting includes the accounting system and how it should provide the basis for an appropriate budgetary control.
You must report your annual budget in comparison to your actual results in the financial statements.
ReplyDeleteA principle outlined by GASB concerning budgetary accounting includes the accounting system and how it should provide the basis for an appropriate budgetary control.
ReplyDeleteBudgets that are passed by legislatures are law; to spend over the budgeted amount is to violate the law.
ReplyDeleteThe first principle means that individual governmental office should not overspend what the annual budget is given.
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