Acq 101 module 7 quiz - Study guides, Class notes & Summaries

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...