Control account is a summary account whose balance is equal to the total of the individual balances of its subsidiary accounts. a. True b. False
Control account is a summary account whose balance is equal to the total of the individual balances of its subsidiary accounts. a. True b. False
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Control account is a summary account whose balance is equal to the total of the individual balances of its subsidiary accounts.
a.
True
b.
False
In approving the budget of the City of Troy, the city council appropriated an amount less than expected revenues, what will be the result of this action
a.
An increase in outstanding encumbrances by the of the fiscal year
b.
A necessity for compensatory offsetting action in the debt service fund
c.
A debit to budgetary fund balance
d.
A credit to budgetary fund balance
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