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Author Question: Which of the statements regarding the accounting for encumbrances is false? a. The budgetary ... (Read 63 times)

awywial

  • Hero Member
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  • Posts: 577
on: Jul 6, 2018
Which of the statements regarding the accounting for encumbrances is false?
 
  a. The budgetary entry to record an encumbrance would be a CREDIT to Encumbrances and a DEBIT to Reserve for Encumbrances.
  b. The budgetary entry to record an encumbrance would be a DEBIT to Encumbrances and a CREDIT to Reserve for Encumbrances.
  c. If the actual cost of a purchase exceeds the amount of the original encumbrance, the original encumbrance is still reversed at the original amount.
  d. The recording of an encumbrance is considered to be a budgetary entry.

Question 2

The basic difference between manufacturing and merchandising companies is the completion level of the productsthey purchase for resale to customers.
 a. True
  b. False
 
   Indicate whether the statement is true or false


Chocorrol77

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Reply #1 on: Jul 6, 2018
Answer to Question 1

A

Answer to Question 2

True


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