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1. explain the nature and purpose of the reserve for encumbrances account (a) during the year and (b) at end year. 2. what characteristic of
1. explain the nature and purpose of the reserve for encumbrances account (a) during the year and (b) at end year. 2. what characteristic of expenditure distinguish them from expenses in the financial accounting sense? 3. Explain the net revenue approach to revenue recongnition employed in general fund and special revenue fund (and other governmental fund) accounting and reporting, including why it is used
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