Governmental fund liabilities are considered current only when they must be liquidated with expendable available financial resources

Name: Governmental fund liabilities are considered current only when they must be liquidated with expendable available financial resources
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Question

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Governmental fund liabilities are classified as current if they are expected to be liquidated with expendable available financial resources, reflecting the short-term financial perspective of governmental funds.

Governmental Fund Liabilities Are Considered Current Only When They Must