Modified Accrual Accounting Records Encumbrances When Goods Are Ordered and a Liability

question 77

True/False

Modified accrual accounting records encumbrances when goods are ordered and a liability when goods are received and the government is obligated to pay vendors and accrual accounting does not record encumbrances and records a liability when goods are received.

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Definitions:

Veil of Ignorance

A concept in political philosophy that suggests designing society's rules without knowing one's own status or position, to ensure fairness.

Original Position

A theoretical situation in political philosophy proposed by John Rawls, where individuals choose principles of justice without knowledge of their personal positions.

Rawls

American political philosopher John Rawls, known for his contributions to political and moral philosophy, especially in the theory of justice as fairness.

Institutions

Organized and established structures or mechanisms of social order governing the behavior of members of a community or society.