The Consequences of Legislation Enacted to Cancel Budget Authority Previously

question 17

Multiple Choice

The consequences of legislation enacted to cancel budget authority previously provided by Congress before the time when the authority would otherwise lapse i.e., cease to be available for obligation) is called:

• A) impoundment.
• B) deferral.
• C) rescission.
• D) sequestration
• e. None of the above.

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Definitions:

Treasury Stock

Shares that were issued and subsequently reacquired by the issuing company, reducing the amount of outstanding stock on the open market.

Bonds Payable

A classification in accounting for debts of a corporation due to be paid to bondholders at a specified date.

Operating Activities Section

Part of a cash flow statement that shows the cash generated or used in the primary revenue-producing activities of the business.

Land for Cash

Land for cash refers to the transaction in which real property is sold for cash payment without any financing involved.