Under the Modified Accrual Basis of Accounting Used by a Governmental

question 32

Multiple Choice

Under the modified accrual basis of accounting used by a governmental entity, investment revenues for the current period should include

• A)only interest and dividends received.
• B)all interest and dividends received during the period plus all accruals of interest and dividends earned.
• C)all interest and dividends received plus gains and losses on securities that were sold during the period.
• D)all interest and dividends received, all gains and losses on securities sold and all changes in market values on securities held in the portfolio at year-end.

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Definitions:

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