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TeachMeFinance.com - explain Governmental Assets, Liabilities Governmental Assets, Liabilities The term 'Governmental Assets, Liabilities ' as it applies to the area of Medicare in the United States can be defined as ' Assets or liabilities that arise from transactions between a federal entity and a nonfederal entity'. Previous 5 Terms: goniometer Good manufacturing practices (GMPs) Good samaritan laws goral Government Performance and Results Act (GPRA) Next 5 Terms: Government-owned stocks gowk GPCP GPRA GPS About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.