Which of the Following Are True of the Budgetary Accounts

question 62

Multiple Choice

Which of the following are true of the budgetary accounts of the federal government?

• A) The accounts provide a record by which federal expenditures may be traced to the budgetary authority granted by Congress.
• B) The accounts are used to present the financial position and results of operations of the federal government and its agencies using the accrual basis of accounting.
• C) Both (a) and (b) above
• D) Neither (a) nor (b) above

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Definitions:

Direct Labor-Hours

The amount of time spent by workers directly involved in manufacturing a product or delivering a service.

Raw Materials

The basic substances in their natural, modified, or semi-processed states used as inputs for manufacturing processes.

Selling and Administrative Expense

Costs related to the selling of products and the administration of a business.

Budgeted Unit Sales

The projected amount of sales in units that a company plans to achieve in a specific period.