General Long-Term Liabilities Are Those That Arise from Activities of Governmental

question 34

True/False

General long-term liabilities are those that arise from activities of governmental funds as well as those reported as fund liabilities of a proprietary or fiduciary fund.

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Definitions:

Contractor

A person or corporation that agrees to a contract to supply materials or workforce to execute a service or complete a task.

Lien

A legal right or claim against a property by a creditor to ensure the payment of a debt.

County Clerk

An official in local government who manages public records and documents, particularly in relation to property and civil records.

Judicial Lien

A lien obtained by a creditor upon a debtor's property, authorized by a judgment, decree, or court order.