This exercise reviews the accounting activities of the Federal Finance and Accounting Agency (FFAA), a new Federal Agency created by Congress that begins operations in this fiscal year. FFAA was established to provide financial services to other Federal agencies. The exercise includes activities for FFAA's first year in operation. Review the events below for FFAA's first year in operation. Based on these events, determine the impact of each event and update the USSGL "T" accounts provided. Federal Finance and Accounting Agency Year 1 Activities The events below are from the Federal Finance and Accounting Agency (FFAA). This is a new agency that began operations on Aug 1 . Capitalization thresholds for this Agency are: - \$50,000 for Property Plant \& Equipment; and 5 Aug 17 The Chief Financial Officer (CFO) obtains approval to conduct training to cover the new accounting standards. Training expected to cost $5,000. 6 Aug 18 The Director for Information Technology obtains approval to purchase new accounting computer equipment at an estimated cost of $60,000. 7 Aug 19 The Procurement Department finalizes contracts to provide the training (Event #5) at a cost of $5,500 (additional funds are available and approved) and for the computer equipment (Event #6) at a cost of $59,800. 8 Aug 20 The Procurement Department completes an order for materials costing \$38,000. 9 Aug 22 The materials (Event #8) in the amount of $38,000 are received and accepted. An invoice is submitted with the delivery. 10 Aug 31 The Agency pays a payroll for $62,100. The Agency personnel expenses for August are $62.100. This includes payrollbenefits/other retirement benefits. The pay period ends on the last day of the month. 11 Sep 1 The new accounting computer equipment (Event #6) arrives and is accepted by the Agency. Also, invoice is submitted with delivery for $60,000. 12 Sep 3 Management Concepts provides the requested training (Event #5) for all personnel. The instructor provides an invoice at the completion of the training event. 13 Sep 18 Payment is made for the invoices submitted for the training and the miscellaneous equipment (Events #11 \& #12). 14 Sep 25 Payment is made for the materials received on Aug 22 (Event #9). 15 Sep 29 The Agency pays a payroll for $54,000. The Agency personnel expenses for September 1-29 are \$54,000. This includes payrollbenefita/other retirement benefits. Budgetary Transactions