Which of the following is not a typical governmental fund liability, and thus not an expenditure that is recognized when the liability is incurred?

Question

Quizplus · Accepted Answer

Long-term note payable is not a typical liability for a governmental fund as it would be recorded in a proprietary fund instead. Accounts payable, salaries payable, and vouchers payable are all typical liabilities that would be recognized as expenditures when the liability is incurred.

Which of the Following Is Not a Typical Governmental Fund