Under the Modified Accrual Basis of Accounting, License Fees, Permits

question 20

Multiple Choice

Under the modified accrual basis of accounting, license fees, permits, and other miscellaneous revenue are generally recognized for practical purposes

• A) when cash is received.
• B) when the exchange takes place.
• C) over the period during which the government obtains an enforceable legal claim.
• D) when related expenditures are incurred.

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Definitions:

PivotTable

A data summarization tool used in spreadsheets to rearrange, group, and summarize data for easier analysis.

Worksheet Data

Information and numerical data organized on a worksheet within a spreadsheet application for analysis and calculation purposes.

Compact Table

A database table with a dense, efficient structure to reduce storage space and improve processing time.

Field Headers

The titles given to columns or fields in a table or database, which describe the type of data held in each column or field.