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distinguish between an expenditure in governmental in accounting sense and an expense in the commercial accounting...

distinguish between an expenditure in governmental in accounting sense and an expense in the commercial accounting sense?

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Answer #1

Difference between expenditure in governmental in accounting sense and an expense in the commercial accounting

Expenditure are decreases in net current financial resources (i,e Fund Net Assets) NOT resulting from transfers(and refunding transactions)Liquid Assets

Used in Modified Accrual Basis-Fund Financial Statements

Expenses are measure of costs expired or consumed during a period.

They result in reduction of Net Economic resources(overall Net Assets)

Used in Full Accrual basis-Government Wide Statements

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