When is an encumbrance recorded? What happens to this balance? How are encumbrances reported in government-wide financial statements?
Answer to relevant QuestionsAn encumbrance is still outstanding at the end of the fiscal year. The government anticipates that it will honor this encumbrance in the next year. How does the government report this encumbrance?When is a receivable recognized for property tax assessments? When is the revenue recognized?How are budget results shown in the financial reporting of a state or local government?Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2010. Not all transactions have been included here. Only the General Fund formally records a budget. ...On December 30, 2010, the City of Coyote borrowed $20,000 for the General Fund on a 60-day note. In that fund, both Cash and Other Financing Sources were recorded. In the general information, a $30,000 overall increase was ...
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