Author Question: Which of the following statements is true about control accounts? a. control accounts are used to ... (Read 95 times)

@Brianna17 · **on:** Jul 5, 2018

Which of the following statements is true about control accounts?

a. control accounts are used to control amounts spent during the year
b. control account totals must equal the total of the individual subsidiary accounts
c. control accounts are used to limit the amounts of liabilities incurred during the year
d. control accounts avoid the need for making postings to ledgers.

Question 2

Which of the following is the correct sequence of activities within the federal budgetary accounting cycle?

a. appropriation, apportionment, allotment, obligation
b. obligation, allotment, apportionment, appropriation
c. allotment, obligation, appropriation, apportionment
d. apportionment, allotment, obligation, appropriation