Multiple Choice
Under the modified accrual basis of accounting used by governments, transactions that result in long-term liabilities
A) are included on the fund statements as an expenditure.
B) are included as a contra-account to revenue.
C) are not recorded as expenditures.
D) hidden for 10 years from the taxpayers.
Correct Answer:
Verified
Correct Answer:
Verified
Q63: A wealthy philanthropist donates three buildings to
Q64: Governments use modified accrual accounting to determine
Q65: Taxes that are imposed on the reporting
Q66: A city with a 12/31 fiscal year-end
Q67: As used in defining the modified accrual
Q68: Reimbursement-type grant revenues are recognized in the
Q69: Under the modified accrual basis, revenues are
Q70: A city receives notice of a $150,000
Q71: At the beginning of its fiscal year,
Q73: For purposes of recognizing property tax revenues