Describe the budgetary accounts used in federal agency accounting and the flow of budgetary authority through those accounts.
What will be an ideal response?
The budgetary accounts illustrated in Chapter 17 are appropriations, apportionments, allotments, commitments, obligations, and expended appropriations. As shown in Illustration 17-11 and illustrative transactions 1 through 15 in Chapter 17, the budgetary authority flows through the accounts in the sequence given above as the OMB notifies the agency of its approved appropriation, OMB apportions it to the agency, the agency head allots it within the agency, pre-order commitments are recorded, orders are placed, and goods are received.
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In a sale of oranges from Citrus Farm to Juice Factory Inc. to be delivered after the harvest, a fire destroys the fruit before it is picked. Under the UCC, the rights and liabilities of Citrus and Juice in this circumstance are generally determined by
A. the right of ownership. B. who has title. C. the concepts of identification and risk of loss. D. all of the choices.
In general, how many suppliers should constitute a firm’s supplier base?
a. Many b. Few c. Very many d. Ten
____________ are used to gather consumer opinions on existing products, new product ideas, future buying habits, and opinions of competitor products.
What will be an ideal response?
A budget system based on expected activities and their levels that enables management to plan for resources required to perform the activities is:
A. Management budgeting. B. Activity-based budgeting. C. Traditional budgeting. D. Cash budgeting. E. Master budgeting.