Public school systems tend to follow the revenue and expenditure classifications

Question

Public school systems tend to follow the revenue and expenditure classifications of the National Center for Education Statistics rather than the GASB classifications.

True or False

Public school systems prepare their financial reports in accordance with the requirements of the National Center for Education Statistics.

True or False

Encumbrance accounting is required in the accounting for payroll of governmental funds.

True or False

The fund classification system used by public schools follows the GASB standards.

True or False

Explanation / Answer

A. True. Public school systems follow the revenue and expenditure classification by NCES. However, such classification are generally complying with GAAP established by GASP.

B. True

C. True. Encumbrance Accounting is the name given to the funds that have been reserved for a specific expenses when budgeted,

D. False. Fund Classification System used by public schools is guided by NCES.

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.