Governmental-Type Funds Label the Excess of Assets Over Liabilities on the Balance

question 61

Multiple Choice

Governmental-type funds label the excess of assets over liabilities on the balance sheet as:

• A) Net Assets
• B) Net Fund Balance and Liabilities
• C) Fund Balance
• D) Assets Net of Liabilities

---

Definitions:

Liquidation Expenses

Liquidation expenses are the costs associated with selling or disposing of a company's assets during the cessation of operations, often part of winding down a business.