Author Question: A federal agency that uses commitment accounting makes a commitment for supplies in the amount of ... (Read 103 times)

colton

  • Hero Member
  • *****
  • Posts: 627
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

  • Sr. Member
  • ****
  • Posts: 341
Answer to Question 1

b

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

Did you know?

The term bacteria was devised in the 19th century by German biologist Ferdinand Cohn. He based it on the Greek word "bakterion" meaning a small rod or staff. Cohn is considered to be the father of modern bacteriology.

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

For a complete list of videos, visit our video library