Question

14 Which of the following budgetary accounts typically have a debit balance? A. Apportionments. B. Expended Appropriations-paid. C. Expended Appropriations-unpaid. D. Appropriations Realized. 15. When agency directors make allotments, what budgetary accounts are affected? A. Unapportioned Authority and Allotments-Realized Resources. B. Allotments-Realized Resources and Undelivered Orders. C. Appropriations and Allotments Realized Resources. D. Allotments-Realized Resources and Expended Appropriations. 16. Assume that Congress enacted an appropriation for a federal agency in the amount of $500,000. The proprietary entry that would be necessary would be Credit Debit $500,000 S500.000 $500.000 $500.000 A Fund Balance with Treasury Unexpended Appropriations B. Cash Appropriations C. Appropriation Realized Unapportioned Authority D. Cash Obligations $500,000 $500,000 $500,000 $500,000 17. An agency makes an internal preliminary request for the purchase of $75,000 of equipment and supplies with an anticipated cost of $10,000. The budgetary entry made by the agency would be Credit Debit $10,000 75,000 $85.000 585,000 A. Expenditures Capital Assets Appropriations B. Allotments - Realized Resources Commitments C. Appropriations Commitments D. Appropriations Allotments $85.000 585,000 $85,000 $85.000 $85,000 18. Which of the following budgetary accounts typically is not closed at year end? A. Unapportioned Authority. B. Expended Appropriations-Paid. C. Expired Authority, D. Commitments.

Answer 1

14. (B): Expended Appropriations paid :As Appropriations are money kept aside and which is transferred from Profit and Loss Account to know how profit is spent, Expended Appropriations Paid : I.e. Money out of appropriation which is already paid for the amount of spending done will always show a Debit Balance  

15. (B): Realized Resource and Undelivered Orders: Allotment is division of amount to be expended for specific purpose for a particular time, And when Allotment is done there are 3 accounts to be affected : Allotments, Realized Resources and Undelivered orders (unpaid) As the directors allots the money for the purpose of the unpaid Orders out of the allotments

16.(A): Fund balance with Treasury (Debit) To Unexpended Appropriations 500000 As Congress is paying 500000 out of the fund balance they and which is going to credit to Not spent appropriations.

17. (C): Appropriation 85000 (Debit) To Allotments 850000 as the purchase of the equipment is not done yet its an internal request to buy the machine and spend it on the supply out of the allotments

18.(A): Unapportioned Authority: This account wont be closed by the end of the year as nobody as the actual rights to spend that money in the account, As no one has the authority to do so so it will remained Unused and is not closed

19.(A): Operating/ Program Inventory 50000 (debit) To Operating Expense 50000(credit), As the material was previously purchased and used later

20.(C): Appropriations used as the balance in the appropriations used is the amount which is already paid, used or expended

21.(A):The GASB independent private sector established the GAGAS in U.S

22.(B) Compliance audit as its completely different type of audit and is not a part of Single Audit

23.(C): The minimum amount is $500000 and is up to $750000

24.(B):As the independent auditor should not be a part of their team and if then he should be elected