Q11:

When Roland County adopted its budget for the year ending June 30, 2001, $20 million was recorded for estimated revenues, Actual revenues for the year ended June 30, 2001, amounted to $16 million, In closing the budgetary accounts at June 30 2001,

a.

Revenues should be credited for $20 million

b.

Estimated revenues should be credited for $20 million

c.

Estimated revenues should be debited for $4 million

d.

Revenues should be debited for $4 million

Q12:

A subsidiary account is a summary account whose balance is equal to the total of the individual balances of its control accounts.

a.

True

b.

False