How Should the Difference Between Assets,deferred Outflows,deferred Inflows,and Liabilities Be

question 37

Multiple Choice

How should the difference between assets,deferred outflows,deferred inflows,and liabilities be characterized in government-wide financial statements?

• A)as fund balances
• B)as net position
• C)as fund equity
• D)as available for spending

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Definitions:

LLLP

A Limited Liability Limited Partnership, a form of business organization that combines elements of a partnership and limited liability protections.

State Statute

Laws and regulations enacted by state legislatures that govern within the state’s borders.

LLC Members

Individuals or entities that own a part of a Limited Liability Company and have certain rights and responsibilities within the business.

Liability

A legal responsibility for one's actions or omissions, which can result in the obligation to make restitution or compensation.