Chat with AIExam 5: Recognizing Expenditures in Governmental Funds
Exam 1: The Government and Not-For-Profit Environment50 Questions
Exam 2: Fund Accounting68 Questions
Exam 3: Issues of Budgeting and Control69 Questions
Exam 4: Recognizing Revenues in Governmental Funds73 Questions
Exam 5: Recognizing Expenditures in Governmental Funds81 Questions
Exam 6: Accounting for Capital Projects and Debt Service79 Questions
Exam 7: Capital Assets and Investments in Marketable Securities65 Questions
Exam 8: Long-Term Obligations60 Questions
Exam 9: Business-Type Activities79 Questions
Exam 10: Pensions and Other Fiduciary Activities74 Questions
Exam 11: Issues of Reporting, Disclosure, and Financial Analysis79 Questions
Exam 12: Not-For-Profit Organizations66 Questions
Exam 13: Colleges and Universities24 Questions
Exam 14: Health-Care Providers49 Questions
Exam 15: Auditing Governments and Not-For-Profit Organizations62 Questions
Exam 16: Federal Government Accounting71 Questions
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In the governmental fund types, expenditures are generally recognized when resources are acquired. Liabilities are generally recognized if they will be liquidated with available expendable financial resources. Define "available." Relate the definition of available to the recognition of liabilities and expenditures in governmental fund financial statements. Discuss the reporting deficiencies that are directly associated with the use of the available criterion in the governmental funds.
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