Which of the Following Is Not a Typical Governmental Fund

question 32

Multiple Choice

Which of the following is not a typical governmental fund liability, and thus not an expenditure that is recognized when the liability is incurred?

• A) Accounts payable.
• B) Long-term note payable.
• C) Salaries payable.
• D) Vouchers payable.

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Definitions:

Board of Governors

A governing body, often of a bank, organization, or college, responsible for overseeing its management and operations.

Monetary Policy

Actions taken by a central bank to control the money supply in an economy, influencing interest rates and inflation.

Federal Securities

Financial instruments issued by the federal government, including Treasury bills, notes, and bonds, which are used to finance government spending.

Depository Institutions

Commercial banks and thrift institutions; financial institutions that accept deposits from the public