Which of the Following Is a NOT a True Statement

question 43

Multiple Choice

Which of the following is a NOT a true statement with regard to accounting and reporting for federal government agencies versus accounting and reporting for state and local governments?

• A) In their respective government-wide statements, state and local governments use the accrual basis of accounting whereas federal agencies use the cash basis of accounting.
• B) State and local governments record appropriations whereas federal agencies record apportionments.
• C) Federal agencies use a dual-track method of accounting for proprietary accounts and budgetary accounts; state and local governments use both budgetary and proprietary accounts only in governmental funds.
• D) The budget is recorded in the general ledger of a state or local government, but not in the general ledger of a federal agency.

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Definitions:

Employment Equity Act

Legislation that promotes fair treatment and elimination of discrimination in the workplace, often focusing on designated groups such as women, minorities, and people with disabilities.

Federal Jurisdiction

Refers to the legal scope and authority of the federal government to legislate and enforce laws.

Employment Equity

The policy of treating employees fairly and without discrimination, promoting equality in the workplace.

Federal Charter

A federal charter is an official authorization or establishment of an organization, corporation, or bank by the federal government, granting certain rights and privileges.