Fund Balance with Treasury Is an Example of Which Type $\begin{array}{cc}\text { Budgetary } & \text { Proprietary } \\\text { Account } & \text { Account }\end{array}$

question 54

Short Answer

Fund Balance with Treasury is an example of which type of federal government account?
$\begin{array}{cc}\text { Budgetary } & \text { Proprietary } \\\text { Account } & \text { Account }\end{array}$
A) $\text { Yes\quad\quad\quad\quad\quad\quad Yes }$
B) $\text { No } \quad\quad\quad\quad\quad\quad \text { Yes }$
C) $\text { Yes, } \quad\quad\quad\quad\quad\quad \text { No }$
D) $\text { No } \quad\quad\quad\quad\quad\quad\quad \text { No }$

• A)\(\text { Yes\quad\quad\quad\quad\quad\quad Yes }\)
• B)\(\text { No } \quad\quad\quad\quad\quad\quad \text { Yes }\)
• C)\(\text { Yes, } \quad\quad\quad\quad\quad\quad \text { No }\)
• D)\(\text { No } \quad\quad\quad\quad\quad\quad\quad \text { No }\)

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Definitions:

GAAP

Stands for Generally Accepted Accounting Principles, which are a common set of accounting rules and standards used in the United States.

Notes Payable

Written agreements where a borrower promises to pay back a specified sum to the lender at a future date.

Adjusting Entry

A journal entry made at the end of an accounting period to record any unrecognized income or expenses for that period.

Sales Tax

Sales tax is a government levy imposed on the sale of goods and services, collected by the seller from the buyer at the point of sale.