GSA Certified General Services Administration Specialist

What does 'obligation' mean in the context of federal financial management?

The act of Congress appropriating funds to an agency A legally binding commitment of federal funds, such as a contract or purchase order The transfer of funds from one agency to another through an interagency agreement The annual reporting of actual expenditures to OMB

Correct Answer:

A legally binding commitment of federal funds, such as a contract or purchase order

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