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

Question

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

Quizplus · Accepted Answer

Long-term note payable is a non-current liability and is typically accounted for in the government's proprietary funds, not the governmental funds. Therefore, it is not an expenditure that is recognized when the liability is incurred in the governmental funds. Accounts payable, salaries payable, and rent payable are all typical governmental fund liabilities that are recognized as expenditures when the liability is incurred.

Which of the Following Is not \textbf{ not } not

Which of the Following Is $\textbf{ not }$