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Which of the statements about budgets is true

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Reference no: EM132770479

Problem 1: Which of the following statements about budgets is true?

a. Budgets must be included in the external financial statements of not-for-profit organizations.

b. Budgets cannot be recorded in the accounting records.

c. Budget accounts can be used as a control device.

d. Budget accounts are used as a preventive device.

Problem 2: Restricted contributions are subject to

a. both externally and internally imposed restrictions.

b. externally imposed restrictions.

c. internally imposed restrictions.

d. government restrictions.

Reference no: EM132770479

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