68. Identify the primary functions of the following entities as they relate to financial reporting by the federal government:
a)Office of Management and Budget
b)Department of Treasury
c)Government Accountability Office
69. Assume a federal agency has the following events:
1.Receives a warrant from the Treasury notifying the agency of appropriations of $16,000,000.
2.OMB apportions 1/4th of the appropriation for the first quarter of the year.
3.The Director of the agency allots $ 3,960,000 to program units.
4.Program units place orders $ 3,712,000.
5.Supplies ($ 500,000) and services ($ 2,975,000) are received and paid during the first quarter. Supplies of $ 417,000 were used in the quarter.
70. Assume a federal agency prepared the following journal entries during the first quarter of the year. Prepare a schedule showing the status of the appropriation at the end of the first quarter.