Is it true or false that a bill received for sand and salt incurred on December 29, 2007 can be charged to the 2008 budget?

A bill for sand and salt incurred on December 29, 2007, cannot be charged to the 2008 budget because expenses should be recorded in the budget of the year in which they are incurred. Since the service or goods were received and the corresponding liability created in 2007, it properly belongs in the 2007 budget. Municipal accounting principles follow a fiscal year and typically require that expenditures align with the budget of that fiscal year, ensuring accurate financial reporting and accountability. Each budget is generally treated as a separate reporting period; therefore, expenses incurred in one period cannot be transferred or charged to a subsequent budget period without specific provisions, such as carryover mechanisms, which are generally not applicable in regular circumstances. As such, the correct way to properly account for this bill is to charge it to the 2007 budget, affirming that the statement is false.