A liability is recorded in governmental funds when:
A) Goods or services are ordered.
B) Goods or services are received and the invoice is vouchered.
C) Invoices are paid.
D) The appropriation is reduced.

Question

Quizplus · Accepted Answer

A liability is recorded in governmental funds when goods or services are received and the invoice is vouchered. This is the point at which the government incurs an obligation to pay for the goods or services received.

A Liability Is Recorded in Governmental Funds When