Which of the Following Steps in the Federal Budgetary Process

question 60

Multiple Choice

Which of the following steps in the federal budgetary process occurs EARLIEST?

• A) agencies work on their budgets
• B) president consults with OMB on agency instructions
• C) Congress completes work on appropriations bills
• D) Congress adopts a budget resolution
• E) president submits budget proposals to Congress

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Definitions:

Accrued Revenues

Revenues that have been earned but not yet received in cash or recorded at the statement date.

Accounting Period

A specific period of time for which financial accounts are prepared, commonly a year or a quarter.

Salaries Expense

Represents the total amount paid to employees as wages or salaries before any deductions, recognized in the accounting period in which employees' services are utilized.

Year-End Adjusting Entry

An accounting entry made at the end of a fiscal year to update accounts for revenues earned or expenses incurred but not yet recorded.