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Under Modified Accrual Accounting, When Are Expenditures Recorded

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Under modified accrual accounting, when are expenditures recorded?


Definitions:

Reasonable Course

A course of action that a prudent person would believe to be appropriate under the circumstances.

Unfinished Goods

Products that are in the process of being manufactured but are not yet complete.

Suspension of Performance

A temporary cessation of the fulfillment of a party's contractual obligations due to certain conditions or events.

Convention on Contracts

A framework of rules designed to facilitate international trade by establishing uniform legal standards for contracts.

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