Under the Modified Accrual Basis, Revenues Are Considered Available to Finance

question 48

Multiple Choice

Under the modified accrual basis, revenues are considered available to finance current period expenditures if they are legally usable to finance expenditures of the period and

• A) Earned.
• B) Collected during the current period.
• C) Collected in the current period or soon enough thereafter to be used to pay liabilities of the current period.
• D) Objective measureable.

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Definitions:

Recursive Method

A method that calls itself in order to solve a problem by breaking it down into smaller, more manageable tasks.

Binary Search

A search algorithm that finds the position of a target value within a sorted array by repeatedly dividing in half the portion of the list that could contain the target, thereby reducing the search area.

Iterative Method

A technique in programming and mathematics that involves repeatedly applying a set of operations to approximate a desired result or to traverse data structures.

Recursively Written

Describes a method or algorithm that calls itself within its own code.