Chapter 12 Federal Govemment Accounting and Reporting b. Only for benefits that are due and payable at the end of the reporting period. c. At the actuarial present value of future benefit payments. d. When paid on a cash basis. Exer LO 1 E12-23. (Matching Match the items in the following right column with those in the left column: 1. An act of Congress that gives a department and/or agency authority to a Outlays obligate the federal government to make disbursements for goods and services b. Obligation c. Disbursement 2. Document sent to the Treasury ordering it to pay vendors and employeesschedule 3. Sets standards for federal government accounting d. GASB 4. Type of fund used to account for commercial-type operations of federal 5. Action by which the OMB distributes amounts appropriated by Congress Appropriation f. Revolving fund g. Apportionment agencies Payments of obligations obligation h. FASAB i. Allotment j. Trust fund _6. 7. Reserves budgetary authority from an allotment in anticipation of an 8. Federal equivalent of encumbrances used by state and local governmental k. Deferral I. Commitment units 9. Type of fund that finances Social Security payments E12-24. (Use of the budgetary accounts) Following are some basic budgetary accounts used in federal accounting: Other appropriations realized Unapportioned authority Apportionment Allotments-realized resources Commitments Undelivered orders-obligations, unpaid Delivered orders-obligations, unpaid Delivered orders-obligations, paid Determine which account title best describes each of the following situations: LO 3 1. Spending authority allotted but not yet committed 2. Resources obligated, but goods or services not yet received 3. 4. 5. 6. Spending authority apportioned but not yet allotted to an agency Amounts paid for services and goods received Spending authority appropriated but not yet apportioned by the OMB Amounts due or accrued for services and goods received E12-25, (True or False) State whether the following assertions are true or false. If false, explain why LO 2, 3