A federal agency that uses commitment accounting makes a commitment for supplies in the amount of 40,000 . When it places the purchase order, however, the cost of the supplies is only 38,000 .
How is the 2,000 difference accounted for in the budgetary accounts?
a. No budgetary entry is needed at this point in the budgetary accounting cycle.
b. Commitments is debited for 40,000, Allotments realized resources is credited for 2,000, and Undelivered orders obligations, unpaid is credited for 40,000
c. Commitments is debited for 38,000 and Undelivered orders unpaid is credited for 38,000
d. Allotments realized resources is debited for 2,000 and Commitments is credited for 2,000
Question 2
Computerized accounting systems
a. provide a tedious form of record keeping
b. improve the timeliness of reporting
c. prevent all journalizing errors
d. are only used in medium and large businesses
A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan
Unemployment and Federal Action, 1929–1941
A typical module-controlled high-side driver (HSD) where the module itself supplies the electrical ...
Horngren's Accounting, 11th Edition
MANAGEMENT ACCOUNTING
What amount was invested 35 years ago at 7% compounded semiannually if the value of the ...