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

Question

Quizplus · Accepted Answer

Federal agencies receive funding through the Congressional appropriations process. The unapportioned authority account represents the total amount of funding that has been authorized by Congress but not yet allocated to specific programs or activities by the agency. Apportionments are the process by which agencies allocate their funding to specific programs or activities based on their budgetary needs. Therefore, a debit to unapportioned authority and credit to apportionments would be the appropriate journal entry for a federal agency.

Which of the Following Journal Entries Would You Expect to See