Question

In fiscal year 2019, an account titled “Expenditures-2018” represents:

1. The amounts of purchase orders issued in 2018 that were intended to be paid in full from appropriations for 2019
2. Excess expenditures in 2018 that will be offset against appropriations for 2019
3. Goods for services received in 2018 which the government has no record of ordering
4. Amount of expenditures for goods ordered in 2018 that were received in 2019 and chargeable to appropriations from 2016

Answer 1

In fiscal year 2019, an account titled “Expenditures-2018” represents:-

Excess expenditures in 2018 that will be offset against appropriations for 2019

The correct answer is OPTION B.

Explanation to the above mentioned question is as follows :-

In an year there are various expenditures and are almost fully paid but some of the access expenditure offset against appropriation in the next fiscal year.
Such expenditures all title under and account "Expenditure 20XX".
The year here "20XX" is the year in which such expenditures are incurred and are set off against appropriation in the next fiscal year.