How does accounting in a governmental fund for the purchase of supplies from an outside vendor differ
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When recording a purchase from either an internal service fund or an external vendor a governmental fund will use encumbrance accounting When goods are received the encumbrance will be reversed and an expenditure will be recorded The primary difference from the perspective of the governmental fund is the amount recorded Purchases from outside vendors are recorded at the purchase price while purchases from an internal service fund are recorded at the cost to the government ...View the full answer
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Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078025822
17th edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Earl Wilson
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