Which of the following is true about closing entries:

a.

At the end of the year budget and permanent accounts are closed

b.

At the end of the year only permanent accounts are closed

c.

At the end of the year only budget is closed

d.

At the end of the year budget and temporary accounts are closed

An allotment system provides a means of control by which

a.

Governmental unit divide its annual appropriations into smaller departments.

b.

Governmental unit divide its annual appropriations into smaller time periods.

c.

Governmental unit divide its annual appropriations into smaller objects of expenditure.

d.

Governmental unit divide its annual revenues into smaller stream of revenue.