11. The Statement of Budgetary Resources for a federal agency is prepared on the accrual basis.
12. The Statement of Custodial Activity is not required of every federal agency but is prepared by the SEC, IRS and Customs.
13. The Statement of Operations and Changes in Net Position for the consolidated report of the federal government is prepared on the modified accrual basis of accounting.
14. The budgetary authority process for a federal agency begins with the Treasury Department issuing a warrant granting the agency the authority to withdraw funds.
15. Apportionmentsare issued by the OMB and establish the amount of an appropriation that will be available each quarter.
16. Allotmentsare made at the agency level and assign portions of the appropriation to subunits or programs.
17. The proprietary accounts of a federal agency reflect the status of an appropriation.
18. The proprietary accounts of a federal agency are used to prepare the accrual basis financial statements of the federal government and its agencies.
19. The account
Fund Balance with Treasury
is classified as an asset on a federal agency’s balance sheet.
20. The account
Obligations – Undelivered Orders
is credited when goods and services are received.
21. Typically, budgetary authority that is not obligated by a federal agency before the end of the fiscal year rolls over and is available for the following fiscal year.