The modified accrual basis of accounting is used in presenting the fund financial statements of the governmental funds because
A) it is the superior method of accounting for the economic resources of any entity.
B) it ensures the entity achieved interperiod equity.
C) facilitates comparisons among entities by standardizing reporting for all non-Federal governments
D) it results in accounting measurements based on the substance of transactions.
Correct Answer:
Verified
Q1: As used in defining the modified accrual
Q2: Under the modified accrual basis of accounting,
Q4: Governmental activities tend to derive most of
Q5: In accounting for property taxes, under the
Q6: As used in governmental accounting, interperiod equity
Q7: Taxes that are imposed on the reporting
Q8: Under the modified accrual basis, revenues are
Q9: Under the accrual basis of accounting, property
Q10: Current financial resources include cash and receivables
Q11: Under the modified accrual basis of accounting,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents