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:

Leasing Companies

Companies that provide leasing services, allowing individuals or other businesses to use assets for a specified period in exchange for regular payments.

Tax Agencies

Governmental organizations responsible for administering and collecting taxes.

Utility Companies

Businesses that provide essential services such as water, electricity, and gas to homes and companies.

Purchase Services

The act of buying services rather than physical goods from a provider or vendor.