Governmental fund liabilities are:
A)claims against current financial resources
B)obligations not currently payable
C)both a and b
D)none of the above

Question

Quizplus · Accepted Answer

Governmental fund liabilities are claims that can be paid using the current financial resources of the fund. They are not obligations that are due in the future or that require the use of long-term assets. Therefore, choice A, which states that governmental fund liabilities are claims against current financial resources, is the correct answer.

Governmental Fund Liabilities Are