Month-end postings to control accounts in a computerized accounting system are notrequired because
a. control accounts are not used in computerized systems
b. transactions are posted to accounts immediately
c. the input operator can choose to post to accounts at any time
d. transactions are posted at the end of the financial year
Question 2
Which of the following best describes standards for reporting expenses by function (such as instruction and research) or by natural classification (such as salaries and supplies) in the statement of activities prepared by colleges and universities
a. all expenses must be reported by function on the face of the statement.
b. all expenses must be reported by natural classification on the face of the statement.
c. they may report by either method on the face of the statements; if they report by natural classification on the face, they must report functional expenses in the notes.
d. colleges and universities may report by either method on the face of the statement.
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