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

question 37

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 along with financial transactions with external parties.
• 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,the latter measured on the accrual basis to better promote agency management.
• D)Keeping separate books,one on a tax basis and the other on a GAAP basis.

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Definitions:

False Membrane

A thick layer of fibrous tissue that forms over a mucous membrane surface as a result of inflammation or injury.

Gauge

The size of a needle bore; the smaller the number, the larger the needle bore.

Needle Bore

The internal diameter of a needle, affecting the flow rate of injected or withdrawn fluids.

Rubella

A contagious viral infection best known for its distinctive red rash, also called German measles, which is especially dangerous for pregnant women and their developing babies.