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The basis of accounting for a governmental fund budget should be? When goods that have already been approved for purchase

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The basis of accounting for a governmental fund budget should be?

When goods that have already been approved for purchase are received but have not yet been paid for, which of the following local government accounts should be increased?

        Encumbrances             Expenditures

A.             Yes                            Yes

B.             Yes                            No

C.             No                             No

D.             No                             Yes


The basis of accounting for a governmental fund budget should be?

A. Cash basis.

B. Accrual basis.

C. Modified accrual basis.

D. Determined by the entity’s governing body or by law or regulation

Expert Answer:

Answer rating: 100% (QA)

A When the goods are received but not paid then encumbrances should not be increas View the full answer


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Related Book For  answer-question
Governmental and Nonprofit Accounting

Governmental and Nonprofit Accounting

ISBN: 978-0132751261

10th edition

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

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Posted Date: January 27, 2022 03:50:04
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