Which of the Following Classifications Represents the Lowest Legal Level

question 1

Multiple Choice

Which of the following classifications represents the lowest legal level of budgetary control?

• A)function/program
• B)department
• C)object
• D)activity

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Definitions:

Revenues

The total income generated by a company from its business activities, typically from the sale of goods and services to customers.

Common Stock

A type of security representing ownership in a corporation, giving holders a share of profits in the form of dividends and voting rights in corporate matters.

Liability Accounts

Financial obligations or debts of a business that are recorded on its balance sheet.

Asset Accounts

These accounts record resources owned or controlled by a company that have economic value and can provide future benefits.