Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?
Question 1 Report
Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?
Answer Details
Under cash accounting, money not required to meet chargeable expenditure in any fiscal year should be carried forward to the next financial year. This is because cash accounting records transactions when actual cash is received or paid, and any excess funds not used for expenses in the current fiscal year can be used to cover expenses in the future. It is important to note that the funds should be used for legitimate expenses and not for any other purposes. Therefore, carrying forward the unused funds ensures that they are available for future expenses and not surrendered to the consolidated revenue fund or returned to the taxpayer.
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