When the entry recording the budget is reversed at year-end, the Appropriations-Transfer Out account, if originally used, is debited.
Correct Answer:
Verified
Q61: When the budget is recorded in the
Q62: When the budget is recorded in the
Q63: When the budget is recorded in the
Q64: When the annual budget is recorded in
Q65: When the entry recording the budget is
Q67: When the entry recording the budget is
Q68: Under the GASB codification, encumbrances outstanding at
Q69: The authorization to spend a specified amount
Q70: When an encumbrance outstanding at year-end lapses,
Q71: Encumbrances accounting is part of budgetary accounting.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents