« previous next »

Author Question: A federal agency that uses commitment accounting makes a commitment for supplies in the amount of ... (Read 78 times)

colton

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

  • Sr. Member
  • ****
  • Posts: 341
Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

b


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan
Sheryl Crow - If It Makes You Happy Sheryl Crow - If It Makes You Happy
Behavior modification has been useful in raising the amount of social responding by children with ... Behavior modification has been useful in raising the amount of social responding by children with ...
Find the factor demand for labour and the amount of output it will produce. Show all ... Find the factor demand for labour and the amount of output it will produce. Show all ...
MANAGEMENT ACCOUNTING MANAGEMENT ACCOUNTING
Main mechanism of carbon dioxide transport and exchange. A lesser amount of CO2 travels to the lungs Main mechanism of carbon dioxide transport and exchange. A lesser amount of CO2 travels to the lungs
Video: baroreceptors

For a complete list of videos, visit our video library