In most states, charter schools (or public school academies) are considered public schools receiving public funds. Consequently, these schools should follow GASB standards in order to ensure that financial statements conform to generally accepted accounting principles. Generally, these schools are small and may only have need for a General Fund and a special revenue fund for their food service program.

When computers are ordered by the mayor's office, the purchase order should be recorded in the General Fund as a debit to Encumbrances or Equipment?