An account in the general ledger that summarizes the balances found in the subsidiary ledger(s) is:
a. General Account
b. Controlling Account
c. Ledger Account
d. Journal Account
Question 2
A county uses the consumption method in accounting for insurance premium prepayments. At the beginning of the fiscal year, the county paid a 24,000 insurance premium to cover the current year and the subsequent fiscal year.
At the end of the current year, the county will report in its General Fund
a. expenditures of 24,000
b. expenditures of 12,000 and a 12,000 asset.
c. a 24,000 asset.
d. transfers out of 24,000
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