Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund generally occurs first?

Question

Quizplus · Accepted Answer

Appropriation is the first step in the acquisition of goods and services by an activity accounted for by the General Fund. This is because an appropriation is a legal authorization to incur obligations and make payments for specified purposes. Encumbrance is the next step, where the entity sets aside funds in anticipation of future payment for goods and services. Expenditure occurs when goods and services have been received and payment has been made. Disbursement is the final step where payment is actually made to the vendor or supplier.

Which of the Following Steps in the Acquisition of Goods