Under the modified accrual basis of accounting, expenditures should be recognized when:
A) they are authorized by the budget ordinance.
B) they are paid.
C) they are measurable and can be financed by the revenues of the current period.
D) the fund liability is incurred.

Question

Quizplus · Accepted Answer

Under the modified accrual basis of accounting, expenditures should be recognized in the period in which the fund liability is incurred.

Under the Modified Accrual Basis of Accounting, Expenditures Should Be