Define Obligations, Obligations : The amounts that a governmental unit might legally be

Define Obligations

Obligations: The amounts that a governmental unit might legally be needed to pay out of its resources. Budgetary authority should be obtainable before obligations can be formed. For budgetary aims, obligations comprise payables for goods or services received however not yet paid for and encumbrances (that are commitments for goods and services are not yet received nor paid for).

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