Question

9. In a full accounting system, the reports that present the balance in any revenue, expenditure or other account are known as:

1. Procedures and controls
2. Source documents
3. Journals
4. Ledgers

________10. The general purpose report prepared annually to meet the information needs of public officials, citizens, auditors, bonding rating agencies and investors is known as:

1. General Accepted Accounting Principles (GAAP)
2. Governmental Accounting Standards Board (GASB)
3. Comprehensive Annual Financial Report (CAFR)
4. Annual Budget and Financial Report

Answer 1

9th question answer is ledgers. From journals, we group transactions into different set such as revenues, expenses. Hence ledger is correct answer.

10. Answer is C. Annual report is something which is prepared by every company which includes details of strategy implemented, plan of action for next year, financial statements. Hence comprehensive annual financial report is the answer.