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:

Antagonistically

In a manner opposing or inhibiting the action of something, often referring to muscles or drugs working opposite to each other.

Insulin

A substance secreted by the pancreas that controls blood sugar levels.

Glucagon

A hormone produced by the pancreas that raises blood glucose levels.

Hypersecretion

The excessive production and release of a substance, such as a hormone or enzyme, by a gland.