Governmental fund liabilities are considered current only when they must be liquidated with expendable available financial resources-not, as in businesses and in the government-wide statements, when they must be paid within a year.

Question

Quizplus · Accepted Answer

Governmental fund liabilities are considered current only when they can be liquidated with available financial resources, and not based on a time frame. This is different from businesses and the government-wide statements, where liabilities are considered current if they must be paid within a year.

Governmental Fund Liabilities Are Considered Current Only When They Must