Multiple Choice
A General Fund has total liabilities in excess of its total assets at the end of the fiscal year. It has no deferred resource inflows or outflows. Which of the following statements is always true?
A) Fund balance is negative
B) Cash is less than short-term receivables
C) Payables exceed receivables
D) Payables exceed cash
Correct Answer:
Verified
Correct Answer:
Verified
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