Question

At the end of the 2020 fiscal year the General Fund had $500 in encumbrances that remained opened into fiscal year 2021. In 2021 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2021 expenditure?A) $0.B) $20.C) $500.D) $520.

Answer 1

Answer:

B) $20

Explanation:

Calculation for how much that would be recorded as the 2021 expenditure

Using this formula

Expenditure =Invoiced cost-General fund

Let plug in the formula

Expenditure =$520-$500

Expenditure =$20

Therefore the amount that would be recorded as the 2021 expenditure will be $20