Multiple Choice
Due to an error,the general fund of Pueblo did not record an encumbrance for police equipment that had been ordered but not received on June 30,20X9,the end of its fiscal year.Pueblo's outstanding encumbrances at year-end are nonlapsing.What was the effect of this error on the balance sheet of Pueblo's general fund?
A) Assets are overstated.
B) Liabilities are understated.
C) Total fund balance is overstated.
D) Unassigned fund balance is overstated.
Correct Answer:
Verified
Correct Answer:
Verified
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