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Simple agency - Essay Example

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Arcane agency fiscal fund position Qs On October the fund balance in Arcane Agency account was zero. This is because the fund had not being apportioned by the central government’s agency to the Arcane Agency account and the agency opens its fiscal…
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Simple agency
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Arcane agency fiscal fund position Qs On October the fund balance in Arcane Agency account was zero. This is because the fund had not being apportioned by the central government’s agency to the Arcane Agency account and the agency opens its fiscal year on zero fund balance (Stanley and Lendren 2004). Qs 2. The central government’s budget agency apportioned $3500000 on October 2, 2011 and on October 3 Arcane Agency distributed $2750000 to its various operating units. Thus, the fund balance at Arcane Agency account is $750000. Qs 3. By October 30, 2011 the agency had not issued any other fund outside its account, thus, the fund balance at that date was $750000. Qs 4. The fund balance available in Arcane Agency account on November 3, 2011 amounts to $750000. Qs 5. On November 16, the fund balance in the agency account amounted to $750000.

The agency by that date had not paid any amount of money to the material and supplies ordered from ABC and XYZ Company. Qs 6. Arcane Agency fund balance on November 29 amounted to $550000. This is because the agency paid $200,000 to ABC Company for the material and supplies. Qs 7. On December 1, the fund balance amounted to $(350000). This is because the agency by that date had paid $200,000 and $900,000 to ABC and XYZ Companies respectively for materials and supplies which exceeded the amount it had in its account. Qs 8. The fund appropriation by the Congress to Arcane agency on 1st October was $8000000.

The amount that was apportioned to the agency on 2nd October by the central government budget agency amounted to $3500000. No other apportion was passed by 3rd November which means by that date the amount not apportioned amounted to $450000. Qs 9. The first allotment of the fund apportioned to the agency was done on 3rd October which means the agency on 2nd October had not allotted part of the fund apportioned. Thus, the fund not allotted on 2nd October is $3500000. Qs 10. On November 3, fund allotment to various expenses units was $2750000.

Thus, the fund which was available for allotment by that date was $750000. Qs 11. On November 28, the allotted apportionment amounted to $2750000 and $300000 to various operating units on October 3 and November 16 respectively while $200000 was paid to ABC Company. Thus, the fund which had already being allotted to various uses amounted to ($2750000 + $300000 + 200000 = 3250000). Qs 12. On November 3 the apportioned appropriation amounted to $3500000 done on October 2. Qs 13. On October 15 the agency had not entered into any obligation, thus, its encumbrances was zero. Qs 14. On November 3 the agency was expecting materials and supplies from ABC and XYZ Companies amounting to $900000 and $200000 respectively (Stanley and Lendren 2004).

Thus, its encumbrances amounted to ($900000 + $200000 = $1100000). Qs 15. On November 15 the agency received the materials and supplies it expected from ABC and XYZ Companies. Thus, the encumbrance on that date was exhausted, thus, it was zero (Stanley and Lendren 2004). Qs 16. On October 1 no fund had being apportioned to the agency, thus, the amount available for obligations was zero. Qs 17. The amount that had being apportioned to the agency and which was available to service obligations amounted to $3500000. Qs 18. There was no accrued expenditure on November 3 as there was no delivery of goods by that date. Qs 19. Accrued expenditure by November 16 amounted to ($900000 + $200000 = $1100000) from materials and supplies received from ABC and XYZ Companies respectively. Qs 20. The expenditures by November 29 amounted to ($900000 + $200000 = $1100000) for materials and supplies from ABC and XYZ Companies and ($2750000 + $300000 + 200000 = 3250000) for the funds allocated to various operating units.

Reference Stanley, R and Lendren, P 2004. Performance based measures in transit fund allocation. Pennsylvania. Transportation research board press.

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