Author Question: A county has 3,650,000 of outstanding encumbrances related to unassigned resources at year-end, ... (Read 56 times)

CBme · **on:** Jul 5, 2018

A county has 3,650,000 of outstanding encumbrances related to unassigned resources at year-end, December 31, 2013 . It expects to accept delivery on all orders in 2014 .

How should the county handle the outstanding encumbrances in its General Fund balance sheet at December 31, 2013?
a. it should report encumbrances as if they were expenditures and liabilities of the year 2013
b. it should close the open encumbrances and show them as part of unassigned fund balance
c. it should close the open encumbrances and show them as part of assigned fund balance
d. it should close the open encumbrances and make no adjustments to fund balance

Question 2

After analyzing transactions, the next step would be to post the transactions in the ledger.
a. True
b. False

Indicate whether the statement is true or false