Business, 24.10.2021 04:50 lazymarshmallow7
Lincoln County uses encumbrance accounting to control expenditures. It charges the cost of outstanding purchase commitments to expenditures in the year they are ordered, not in the year they are received. If the county had $7,000 of purchase commitments outstanding at the end of Year 1 and received those goods during Year 2 at a cost of $7,800, what would be the impact on total fund balance for Year 2?
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Lincoln County uses encumbrance accounting to control expenditures. It charges the cost of outstandi...
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