Governments Should Report an Estimated Loss from a Claim or Judgment

question 17

True/False

Governments should report an estimated loss from a claim or judgment as an expense and as a liability in the government-wide financial statements if a claim appears reasonable.

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Definitions:

Planning Steps

The sequential actions or stages involved in devising a plan, including goal setting, strategy formulation, and action planning.

Planning Process

A systematic approach to defining goals, developing strategies, and outlining tasks and schedules to accomplish the objectives.

Enhance Results

To improve or increase the quality, value, or extent of outcomes.

Setting Goals

The process of identifying specific, measurable, achievable, relevant, and time-bound objectives that guide individuals or organizations.