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State Whether Each of the Following Are True or False,regarding

Question 21

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State whether each of the following are true or false,regarding the recording of transactions and events in the budgetary and the proprietary accounts.For statements that are false,state why they are false.

Premises:

Responses:

In proprietary accounting,an expense may be charged in the current period even though the appropriation that funded the expense was charged in a previous period.

False

For every entry made in the budgetary accounts,a corresponding entry must be made in the proprietary accounts.

True

One similarity between federal government accounting and state and local government accounting in governmental-type funds is that placing an order causes the recording of a budgetary entry,while receipt of the supplies ordered causes both a budgetary and a financial accounting entry

Obligations are recorded in budgetary accounts,but not in proprietary accounts.

In budgetary accounting,entries are made to record the expending of appropriations when supplies are consumed.

Premises:

In proprietary accounting,an expense may be charged in the current period even though the appropriation that funded the expense was charged in a previous period.

For every entry made in the budgetary accounts,a corresponding entry must be made in the proprietary accounts.

Obligations are recorded in budgetary accounts,but not in proprietary accounts.

In budgetary accounting,entries are made to record the expending of appropriations when supplies are consumed.

Responses:

False

True

Correct Answer:

Premises:

Responses:

In proprietary accounting,an expense may be charged in the current period even though the appropriation that funded the expense was charged in a previous period.

For every entry made in the budgetary accounts,a corresponding entry must be made in the proprietary accounts.

Obligations are recorded in budgetary accounts,but not in proprietary accounts.

In budgetary accounting,entries are made to record the expending of appropriations when supplies are consumed.

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