Expenditures in governmental fund financial statements

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In the governmental fund types, expenditures are generally recognized when resources are acquired. Liabilities are generally recognized if they will be liquidated with available expendable financial resources.

Define “available.” Relate the definition of available to the recognition of liabilities and expenditures in governmental fund financial statements.

Discuss the reporting deficiencies that are directly associated with the use of the available criterion in the governmental funds.

Reference no: EM131340735

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