Under the modified accrual basis of accounting used by the General Fund, financial resources are considered available if the revenue or other financing source is expected to be collected
A) Within 60 days after year-end.
B) Within 90 days after year-end.
C) During the current fiscal period.
D) During the current fiscal period or soon enough after year-end to pay current period obligations.

Question

Quizplus · Accepted Answer

Under the modified accrual basis of accounting, financial resources are considered available if the revenue or other financing source is expected to be collected during the current fiscal period or soon enough after year-end to pay current period obligations. choice A and B are too restrictive, and choice C is not precise enough since it does not include the time after year-end.

Under the Modified Accrual Basis of Accounting Used by the General