Question

Which of the following are true of the budgetary accounts of the federal government? A). The...

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). All the above choices are true

D). None of the above choices are true
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Answer #1

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

Answer:  A). The accounts provide a record by which federal expenditures may be traced to the budgetary authority granted by Congress.

Explanation:

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 - False Statement -

As proprietary accounts of a federal agency are used to prepare the accrual basis financial statements of the federal government and its agencies.

And thereby Option (C) and (D) are false.

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