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Title: A federal agency that uses commitment accounting makes a commitment for supplies Post by: goji.go on Oct 20, 2014 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. Title: Re: A federal agency that uses commitment accounting makes a commitment for supplies Post by: f_zah1 on Oct 23, 2014 Content hidden
Title: Re: A federal agency that uses commitment accounting makes a commitment for supplies Post by: goji.go on Oct 23, 2014 Thanks so much f_zah1.
You were correct :D Title: Re: A federal agency that uses commitment accounting makes a commitment for supplies Post by: f_zah1 on Oct 23, 2014 You're very welcome!
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