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

question 26

Multiple Choice

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

• A)when cash is received.
• B)when assessed.
• C)when an enforceable legal claim exists.
• D)when an enforceable legal claim exists and the revenue is available.

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Definitions:

Dizygotic

Referring to twins that are developed from two separate eggs fertilized by two different sperm cells (fraternal twins).

Chromosome

A thread-like structure of nucleic acids and protein found in the nucleus of most living cells, carrying genetic information in the form of genes.

Heredity

The genetic transfer of physical or mental attributes from parents to their offspring.

X-linked Recessive

A genetic mode of inheritance where a mutation in a gene on the X chromosome causes the phenotype to be expressed in males who are necessarily homozygous for the gene mutation, and in females who are homozygous for the gene mutation but may or may not express the phenotype if they are heterozygous.