Liabilities in the General Fund and Special Revenue Fund represent:

Question

Quizplus · Accepted Answer

Liabilities in the General Fund and Special Revenue Fund represent claims against the fund's current financial resources, meaning resources that will be used to pay for expenses and obligations in the near term (usually within a year). This includes accounts payable, salaries and wages payable, and other current liabilities. The other options (A, C, and D) are not as accurate as they do not fully capture the nature of liabilities in these funds.

Liabilities in the General Fund and Special Revenue Fund Represent