Continuing Problem chp3

Continuing Problem chp3 - 2-Yes it is in financial...

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Continuing Problem 1- A) On a budget base. The primary differences between GAAP-basis and budget-basis reporting for the General Fund are the reporting of encumbrances and the reporting of certain transfers. General Fund accrued payroll is recorded at the department level on a GAAP basis and as an expenditure in the general city responsibilities activity on the budget basis (p.103) B) Reported variances are based on original budget. (p.103)
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Unformatted text preview: 2-Yes it is in financial section. (P.112) 3-No they don’t. They just include adjustments for current year encumbrances and payments against prior year’s encumbrances.(p.108) 4-Payments for encumbrances involve for prior year’s encumbrances. They record it after they receive it. They need to be rebudgeted and adjusted.(p.108)...
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This note was uploaded on 10/21/2008 for the course ACCT 4377 taught by Professor Khumuwala during the Spring '08 term at University of Houston.

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