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What purchase orders are

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Reference no: EM132559501

Question 1: Under encumbrance accounting, purchase orders are

a. not recorded.
b. recorded when issued.
c. recorded when fulfilled.
d. recorded if they are outstanding at year-end.

Question 2: Which of the following statements about budgets is true?

a. Budgets must be included in the external financial statements of not-for-profit organizations.
b. Budgets cannot be recorded in the accounting records.
c. Budget accounts can be used as a control device.
d. Budget accounts are used as a preventive device.

Question 3: Restricted contributions are subject to

a. both externally and internally imposed restrictions.
b. externally imposed restrictions.
c. internally imposed restrictions.
d. government restrictions.

Reference no: EM132559501

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