Which One of the Following Actions Requires Both Budgetary Accounting

question 13

Multiple Choice

Which one of the following actions requires both budgetary accounting and proprietary accounting entries in an agency's accounts?

• A)agency records obligation based on a contract for supplies
• B)agency records year-end accrual for funded salaries
• C)agency asks Treasury to pay invoice for supplies
• D)agency uses supplies previously recorded as supplies inventory

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Definitions:

Discount

The reduction from the full amount or value of something, often used as an incentive in sales.

Merchandise Inventory

Merchandise inventory is the total cost of all goods held by a company for the purpose of resale during a given period.

Schedule of Accounts Payable

A detailed listing of all the amounts a company owes to its suppliers or vendors, but has not yet paid.

Subsidiary Ledger

A detailed ledger that contains information for individual accounts, supporting the summary data in the general ledger.