An expenditure for salaries should be recorded in a General or Special Revenue Fund for the work of employees during the last few days of a fiscal year that is not paid until early in the next fiscal year.

Question

Quizplus · Accepted Answer

GASB standards require that salary expenditures for the stub period must be accrued in governmental funds because once incurred, they normally are paid in a timely manner and in full from current financial resources.

An Expenditure for Salaries Should Be Recorded in a General