In the federal government, which organizations make appropriations and which make apportionments?
a. The Congress makes appropriations, and department heads apportion the appropriations to individual agencies or divisions within the department.
b. The Congress makes appropriations, and the Treasury Department appropriates to individual departments the total amount apportioned by the Congress.
c. The President makes appropriations, and department heads periodically apportion parts of the appropriations to agencies in the department.
d. The Congress makes appropriations, and the Office of Management and Budget periodically apportions parts of the appropriations to departments.
Question 2
A not-for-profit university uses fund accounting. It maintains a Loan Fund to account for its extensive program of financial assistance to students.
The Loan Funds are derived from many sources, including both donations and amounts set aside by the university's governing board. When it prepares its statement of financial position, how should the university classify the net assets of the Loan Fund?
a. All net assets should be classified as temporarily restricted.
b. All net assets should be classified as permanently restricted.
c. Net assets should be classified as either temporarily or permanently restricted, depending on the restrictions imposed by the governing board and the donors.
d. Net assets set aside by the governing board should be classified as unrestricted, and net assets from donations should be classified as temporarily or permanently restricted, depending on the nature of the donor-imposed restrictions.
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