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Author Question: A federal agency that uses commitment accounting makes a commitment for supplies in the amount of ... (Read 104 times)

colton

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on: Jul 5, 2018
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


chinwesucks

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

b


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