Q2)

The accounting cycle of a governmental unit similar from that of a business firm in all of these except for?

a.

The government uses the budget for control purposes and business firm may use the budget for control purposes

b.

The budget is recorded in the accounts of the governmental unit and business firms

c.

Government and business firms prepare financial statements

d.

Government and business firms record transactions and prepare closing entries

Q 5 )

Which of the following is NOT a function of a budget in the governmental environment?

a.

Organizing.

b.

Controlling.

c.

Evaluating

d.

Planning.