Government officials of Hampstead County ordered a computer near the end of the current fiscal year for $6,400 for the police department. It did not arrive prior to the end of the year. At its final meeting of the year, the city council (the highest decision-making authority for the government) agreed to pay for the computer when it arrived in the subsequent year. In producing a set of government-wide financial statements and a set of fund financial statements for the current year, how will this purchase order be reported?
Government officials of Hampstead County ordered a computer near the end of the current fiscal year for $6,400 for the police department. It did not arrive prior to the end of the year. At its final meeting of the year, the city council (the highest decision-making authority for the government) agreed to pay for the computer when it arrived in the subsequent year. In producing a set of government-wide financial statements and a set of fund financial statements for the current year, how will this purchase order be reported?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Government officials of Hampstead County ordered a computer near the end of the current fiscal year for $6,400 for the police department. It did not arrive prior to the end of the year. At its final meeting of the year, the city council (the highest decision-making authority for the government) agreed to pay for the computer when it arrived in the subsequent year. In producing a set of government-wide financial statements and a set of fund financial statements for the current year, how will this purchase order be reported?
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