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
Amount of Energy Released by Earthquakes of Different Magnitudes
Telomere length is related to the amount of time adults spend in leisure time activity. Source: Ada
Medicinal leeches on a patient’s neck. Today leeches are sometimes used in microsurgery to prevent b
A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan
Unemployment and Federal Action, 1929–1941
Accounting