a sport for kids sfk is a not for profit organization that provides sporting equipment for inner city children who cannot otherwise afford it sfk has been in

Required
1. The directors of SFK have heard of encumbrance accounting, but are not sure how it works.
a) Briefly explain the difference between encumbrance accounting and a budgetary accounting system.
b) Briefly explain the difference between an encumbrance and a liability.
c) If an encumbrance system is used, what journal entries would be made to record purchase orders issued for $ 130,000 for goods and services and the subsequent invoices of $ 129,600 received that related to those purchase orders?
2. SFK has decided to follow Canadian GAAP in 20X6 for the first time. The directors have heard about the deferral method of accounting for contributions, but are not sure how to implement it. Provide journal entries to record the following transactions under the defer-ral method for the December 31, 20X6, financial statements.

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