A Liability Is Recorded in Governmental Funds When

question 29

Multiple Choice

A liability is recorded in governmental funds when:

• A) Goods or services are ordered.
• B) Goods or services are received and the invoice is vouchered.
• C) Invoices are paid.
• D) The appropriation is reduced.

Calculate equilibrium quantities given changes in supply and demand.

Analyze the effect of external interventions such as taxes and subsidies on market dynamics.

Interpret inverse demand and supply functions in economic analysis.

Evaluate the impact of price ceilings and price floors on market outcomes.

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Definitions:

Reimburse

To pay back or compensate someone for expenses they have incurred.

Recourse

A legal means to seek enforcement of or redress for an obligation, right, or injury.

Stop-payment Order

An instruction to a bank not to process or honor a check or payment previously issued by the account holder.

Drawee Bank

The bank upon which a check is drawn and is responsible for paying the check amount to the payee.