Question

To zero out the Disbursing Accountability Summary Report (DASR) starting balance, the DISBO must enter ___ ___ ___ or ___ ___ ___ transaction type for the total amount carried on the DASR at the end of the month?

a) Credit, Credit, Credit
b) Debit, Debit, Debit
c) Debit, Credit, Debit
d) Credit, Debit, Credit

Answer 1

To balance the Disbursing Accountability Summary Report, the DISBO must use a Debit, Credit, Debit or Credit, Debit, Credit transaction type.

Step-by-step explanation:

To zero out the Disbursing Accountability Summary Report (DASR) starting balance, the DISBO must enter a Debit, Credit, Debit or a Credit, Debit, Credit transaction type for the total amount carried on the DASR at the end of the month. The purpose of these transactions is to adjust the books and ensure that the disbursements match the money allocated and spent, maintaining proper accountability. Typically, the appropriate sequence would be selected based on the type of adjustments needed to be reflected in the financial statements.