Which of the Following Statements Most Accurately Describes the Dual-Track

question 3

Multiple Choice

Which of the following statements most accurately describes the dual-track accounting system used in federal agency accounting?

• A) Recording internal budgetary transactions and proprietary transactions with external parties on a modified accrual basis of accounting.
• B) Use of double-entry accounting.
• C) Maintaining self-balancing sets of proprietary and budgetary accounts and recording the effects of transactions on both available budgetary resources and proprietary accounts.
• D) Keeping separate books, one on a tax basis and the other on a GAAP basis.

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Definitions:

Searching

The process of looking for or systematically investigating a subject or area of interest in order to find specific information.

Situational Loss

A type of grief or emotional pain that occurs due to a specific situation or change in circumstances, such as losing a job or divorce.

Life Insurance

A contract between an insurer and an insured, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

Funeral Expenses

Costs associated with the burial or cremation and memorial services of a deceased individual.