Which of the Following Events Will Result in a Journal

question 78

Multiple Choice

Which of the following events will result in a journal entry being recorded in both the budgetary and proprietary accounts of a federal agency?

• A) Goods or services are received and approved for payment.
• B) OMB establishes the amount of the total appropriation that the agency may expend in the first quarter.
• C) Neither a nor b
• D) Both a and b

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Definitions:

U.S. GDP

The total market value of all goods and services produced within the United States over a specific time period.

Total Dollars

Refers to the aggregate amount of currency in various forms within a particular economic context.

Import Tariffs

Taxes imposed by a government on goods imported from other countries to protect domestic industries or to generate revenue.

Quotas

Quotas are limits set by a government on the amount of a particular commodity that can be imported or produced domestically in a certain period, used as a means to regulate trade and support local industries.