Distinguish between the
(1) GAAP basis and
(2) Budgetary basis of reporting for the General Fund.

Question

Distinguish between the (1) GAAP basis and(2) Budgetary basis of reporting for the General Fund.

Robert · Accepted Answer

Distinguish between the  
(1) GAAP basis and  
(2) Budgetary basis of reporting for the General Fund. 
Solution 
1. GAAP uses the accrual basis of accounting whereas the budgetary basis of 
reporting uses the modified accrual basis of accounting. 
2.

Distinguish between the (1) GAAP basis and (2) Budgetary basis of reporting for the General Fund.

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