How is reserve for encumbrances reported on a year-end balance sheet?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Government and Not for Profit Accounting Concepts and Practices

ISBN: 978-1118155974

6th edition

Authors: Michael H. Granof, Saleha B. Khumawala

See More Books

Question Posted: Aug 13, 2014 11:42 AM

See More Questions

Is the year-end balance in the Reserve for Encumbrances account a liability? Explain.
How are open encumbrances at year- end reported in the financial statements?
Balance sheet at the end of period 4 shows I have liabilities of about $3,000 to pay back a loan I took out during period 1. However, according to the CEO simulation I'm participating in, the debt...
The price of a stock is $55. A put option written on this stock with a strike price of $48.8 is quoted at $7.2. One option contracts covers 100 underlying shares. A trader enters a short position in...
The number of customers, x, waiting in line to order sandwiches at a Subway shop at noon is of interest to the store manager. What values can x assume? Is x a discrete or continuous random variable?
Explain from a technical viewpoint why it is important to distinguish a method, research, approach, and design. Next, briefly discuss how understanding each term individually in addition to how these...
Pay-later options are options for which the buyer is not required to pay the premium up front (i.e., at the time that the contract is entered into). At expiration, the holder of a pay-later option...
The Sun Theater, owned by Ha Ji-Won, will begin operations in March. The Sun will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Sun...
The market for backpacks is perfectly competitive. When a firm produces 4 backpacks a day, its average variable cost is at a minimum of $25 a backpack. On the graph, construct the firm's supply...
Design a clamper to perform the function indicated in Fig. 2.180. Silicon diodes 10 V 2.7 V vV Design -10 V
In what way will budgetary entries and encumbrances affect amounts reported on year-end balance sheets or operating statements?
What is the purpose and effect of reinstating year-end encumbrances on the books at the beginning of the following year?
Val died on May 13, 2019. On July 3, 2016, she gave a $400,000 life insurance policy on her own life to son Ray. Because the value of the policy was rela-tively low, the transfer did not cause any...
How does the Fed get its independence? Why might central bank independence be beneficial for monetary policy? What is the tension created by an independent central bank in a democratic political...
If the yield on a 10year Treasury note is 3.5 percent and the marginal tax rate facing an investor is 30 percent, what is the expected yield on a muni of that maturity if that security has the same...
Is a letter of credit (L/C) a money market or a capital market instrument? How do L/Cs deal with asymmetric information? What types of transactions are involved? What is the role of commercial banks...
What is meant by an asset bubble? Is the presence of a bubble consistent with the efficient markets hypothesis?
What is an efficient financial market? A random walk? Does the evidence, on balance, favor market efficiency? Random walks?
To what extent are equality of opportunity and diversity and inclusion mutually supportive?
At Glass Company, materials are added at the beginning of the process and conversion costs are added uniformly. Work in process, beginning: Number of units Transferred - in costs Direct materials...
a. What is the primary difference between financial statement analysis and operating indicator analysis? b. Why are both types of analyses useful to health services managers and investors?
The transactions completed by Lightening Express Delivery Company during July 2008, the first month of the fiscal year, were as follows: July 1. Issued Check No. 610 for July rent, $6,400. 2. Issued...
Sentinel Security Services was established on August 15, 2008, to provide security services. The services provided during the remainder of the month are listed below. Aug. 18. Issued Invoice No. 1 to...
Transactions related to revenue and cash receipts completed by Elite Engineering Services during the period November 2-30, 2008, are as follows: Nov. 2. Issued Invoice No. 717 to Yamura Co., $850. 3....
Sophia operates a large singing school with 22 employees. She receives advance fee payments from students in respect of each course (a course consists of 26 lessons). If a student does not attend all...
What role does agency play in the Hypodermic Model of Communication? Long after the model has been abandoned by experts in persuasion and mass media, why does this model live on as common sense?
Daniel is a resident individual who carries on a retail business but does not use the SBE method of accounting for income in his business. On 30 June of the current tax year he had trade debtors of...

How is reserve for encumbrances reported on a year-end balance sheet?

Question:

Step by Step Answer:

Based on GASB Statement No 54 reserve for encumbrances are reported on the yearend balance sheet ...View the full answer

Government and Not for Profit Accounting Concepts and Practices

Students also viewed these Accounting questions