Which of the Following Journal Entries Would You Expect to See

question 5

Multiple Choice

Which of the following journal entries would you expect to see for a federal agency?

• A) Debit to unapportioned authority and credit to commitments.
• B) Debit to unapportioned authority and credit to allotments-realized resources.
• C) Debit to unapportioned authority and credit to apportionments.
• D) Debit to unapportioned authority and credit to expended appropriations.

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Definitions:

Equality

In accounting, the concept that the sum of debits must equal the sum of credits in a transaction.

Subsidiary Ledger

A detailed ledger that contains all the transaction details of a specific account, which is summarized in the general ledger.

Accounts Payable

Liabilities or money owed by a company to its creditors or suppliers for goods and services received but not yet paid for.

General Ledger

A comprehensive record of all financial transactions that occur within a company, organized by account.