The Federal Monuments Commission Began Operations on October 1, 2020

question 53

Essay

The Federal Monuments Commission began operations on October 1, 2020. Prepare journal form all entries that should be made in budgetary and proprietary accounts of the agency. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1. The Congress passed, and the President signed, a one-year appropriation for fiscal year 2021 for the Monuments Commission in the amount of $30,000,000.
2. The OMB notified the agency of the following apportionments of the 2021 appropriation: first quarter, $8,000,000; second quarter, $8,000,000; third quarter, $7,000,000; and fourth quarter, $7,000,000.
3. The Commission Director allotted $1,500,000 for the operations of October 2020.
4. Commitments for goods and services not yet ordered or received were recorded in the amount of $1,300,000.
5. Purchase orders and contracts for services were recorded for the month of October 2020 in the amount of $1,250,000.

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Definitions:

Ergo Propter Hoc

A logical fallacy meaning "therefore, because of this," where a cause-and-effect relationship is incorrectly identified based on sequence alone.

Cause And Effect

The relationship between events or things, where one is the result of the other or others.

Post Hoc

is a term derived from the phrase "post hoc ergo propter hoc," meaning "after this, therefore because of this," commonly used to describe a logical fallacy where one event is incorrectly assumed to cause another just because it occurred earlier.

Economic Reasoning

Refers to the process of making decisions based on comparing costs and benefits.