Solved

When Using Modified Accrual Accounting,revenues Should Be Recognized When Measurable

Question 89

True/False

When using modified accrual accounting,revenues should be recognized when measurable and available to finance expenditures of the current period.Property tax revenue is considered available if it is received no more than 60 days after the fiscal year end.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q32: What are the four classes of nonexchange

Q62: Expenditure is a decrease in fund financial

Q73: With respect to budgetary reporting by governments,

Q79: Governments may create special revenue funds whenever

Q89: GASB requires that the budgetary basis of

Q90: The Village of Lake George's General Fund

Q91: The Fire Department of a given city

Q93: Fines and Forfeits are typically recognized:<br>A) When

Q94: GASB standards _ that each governmental reporting

Q136: Revenues,but not expense are recorded the same