Which Transaction of a Federal Agency Does Not Require Both

question 26

Multiple Choice

Which transaction of a federal agency does not require both budgetary and proprietary entries?

• A) Receipt of budgetary authority from the Congress, i.e., receipt of appropriation.
• B) Payment of liabilities.
• C) Accrued salaries and benefits.
• D) Receipt of fixed assets or materials ordered.

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Definitions:

Record-Keeping Function

The process of maintaining a record of business transactions and financial activities for future reference.

Account System

Refers to a structured process of recording, analyzing, and managing financial transactions of a business or individual.

Backlog

The accumulation of work or orders that have been promised or planned but not yet completed or delivered.

Ledger Account

A ledger account is a record used to store and summarize the financial transactions pertaining to a particular aspect of a business, such as assets, liabilities, equity, revenues, or expenses.