Expenditures for Claims and Judgments of Governmental Funds Should Be

question 35

True/False

Expenditures for claims and judgments of governmental funds should be recognized to the extent that the liabilities are going to be paid with available resources.

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Definitions:

Time

The indefinite continued progress of existence and events in the past, present, and future regarded as a whole.

Volume

The quantity of three-dimensional space enclosed by a closed surface or the amount of space that a substance or object occupies.

Financial and Market

Related to the economic activities and conditions that affect investment, trading, and valuation decisions in markets.

Revenue

The overall income produced from selling goods or services that are central to a company's main business activities.