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
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Accounting Information Systems, 4th Edition