52. Which of the following steps in the federal government’s budgetary authority process is most similar to the recording of encumbrances by state and local governments? A)Apportionment ...

52. Which of the following steps in the federal government’s budgetary authority process is most similar to the recording of encumbrances by state and local governments?

A)Apportionment

B)Appropriation

C)Allotment

D)Obligation

53. Assume the OMB apportions 1/4^th
of an appropriation to a federal agency for the first quarter of the fiscal year. The journal entries at the agency level to record this event will include:

A)a debit to the account
Unexpended Appropriations

B)a debit to the account
Unapportioned Authority

C)a credit to the account
Fund Balance with Treasury

D)None of the above

54. Assume the director of a federal agency allots a portion of the agency’s apportionment to subunits within the agency. The journal entries at the agency level to record this event will include:

A)a debit to the accountApportionments

B)a debit to the account
Allotments

C)a credit to the account
Obligations – Undelivered Orders

D)None of the above

55. Assume a federal agency places orders for contracted services supporting a federal program. The journal entries at the agency level to record this event will include:

A)a credit to the account
Expended Appropriations

B)a debit to the account
Allotments

C)Both (a) and (b)

D)Neither (a) nor (b)

56. Assume a federal agency places orders for contracted services supporting a federal program. The journal entries at the agency level to record this event will include:

A)a debit to the account
Allotments

B)a credit to the account
Obligations – Undelivered Orders

C)Both (a) and (b)

D)Neither (a) nor (b)

57. Assume a federal agency receives supplies that had been previously ordered that will be used to support a federal program. The journal entries at the agency level to record this event will include:

A)a credit to a liability account such asAccounts Payable

B)a debit to the account
Unexpended Appropriations

C)Both (a) and (b)

D)Neither (a) nor (b)

58. Assume an outstanding account payable of a federal agency is paid. The journal entries at the agency level to record this event will include:

A)a debit to the account
Accounts Payable

B)a credit to the account
Cash

C)Both (a) and (b)

D)Neither (a) nor (b)

59. Assume a federal agency has $ 150,000 of unobligated budgetary authority at the end of the fiscal year that must be returned to Treasury. The journal entry at the agency level to record this event in the proprietary accounts will include:

A)a debit to the account
Unexpended Appropriations

B)a credit to the account
Fund Balance with Treasury

C)Both (a) and (b)

D)Neither (a) nor (b)

60.
Allotmentsis an example of which type of federal government account?

Budgetary Proprietary

Account Account

A) Yes Yes

B) No Yes

C) Yes No

D) No No

61.
Fund Balance with Treasury
is an example of which type of federal government account?

Budgetary Proprietary

Account Account

A) Yes Yes

B) No Yes

C) Yes No

D) No No

62.
Operating Expense: Contracted Services
is an example of which type of federal government account?

Budgetary Proprietary

Account Account

A) Yes Yes

B) No Yes

C) Yes No

D) No No

63. A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter:

What is the total amount of purchase orders placed in the first quarter of the year?

A)30,000

B)145,000

C)175,000

D)180,000

64. A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter:

What is the total amount allotted to subunits or programs within the agency during the first quarter of the year?

A)15,000

B)45,000

C)190,000

D)200,000