Question

Which of the following is a quarterly report submitted at the agency level to the office of management and budget that provides a snapshot of a reporting unit's sources of budget authority, the status of budgetary resources, and information on obligated balances and outlays?

1) Income Statement
2) Balance Sheet
3) Cash Flow Statement
4) Budget Execution Report

Answer 1

The 4. Budget Execution Report is a quarterly report submitted to the Office of Management and Budget, detailing a unit's budgetary status and outlays, vital for managing the federal budget process.

Step-by-step explanation:

The report that is a quarterly submission at the agency level to the Office of Management and Budget which provides a snapshot of a reporting unit's sources of budget authority, the status of budgetary resources, and information on obligated balances and outlays is the Budget Execution Report. Such reports are essential for monitoring and managing the federal budget and ensuring policy goals and priorities are reflected accurately in terms of actual spending and receipts.

Federal budgeting involves both the expected revenue from taxes and other sources alongside the expenditures or outlays that the federal government plans to make. Unlike financial statements like the Income Statement, Balance Sheet, or Cash Flow Statement, which are commonly used in the private sector, the Budget Execution Report specifically serves to inform the budgetary process in the public sector, ensuring transparency and accountability in how governmental funds are being utilized.