ACQ 101 Module 7 Financial Management Exam Questions and Answers 100% Solved

ACQ 101 Module 7 Financial Management Exam Questions and Answers 100% Solved What is budget authority? The authority to enter into obligations that will results in immediate or future outlays. Similar to a spending limit that is approved by Congress. What is a commitment? An administrative reservation of funds, usually by the comptroller, in anticipation of a future obligation. What is an obligation? The legal reserve of funds to make a future payment of money. What is an expenditure? Is a charge against available funds. It results from a voucher, claim or other document approved by competent authority. What is an outlay? Occurs when the vendor cashes the expenditure check and money flows from the treasury to the vendor of supplier