Question: What are the main differences between the lapsing and nonlapsing methods of accounting for encumbrances outstanding at the fiscal year-end? What are the differences in

What are the main differences between the lapsing and nonlapsing methods of accounting for encumbrances outstanding at the fiscal year-end? What are the differences in accounting between the lapsing and nonlapsing methods when accounting for the actual expenditure in the subsequent year?

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Under the lapsing method the Reserve for Encumbrances account is shown as a reservation of the fund balance on the fiscal yearend balance sheet The en... View full answer

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