Expenditure Is a Decrease in Fund Financial Resources Net of Liabilities)

question 62

True/False

Expenditure is a decrease in fund financial resources net of liabilities) other than through interfund transfers.

---

Definitions:

Collateral

Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to make the required payments.

Debtor

A person or organization that has a debt or financial liability to another entity.

Perfection

A legal process that gives a secured creditor priority over claims from other creditors regarding a debtor's asset.

Collateral

Assets pledged by a borrower to secure a loan or other credit, which can be seized by the lender if the borrower defaults.