Under the Modified Accrual Basis of Accounting, Imposed Nonexchange Revenues

question 13

Multiple Choice

Under the modified accrual basis of accounting, imposed nonexchange revenues such as fines should be recognized

• A)when assessed.
• B)when the government has an enforceable legal claim.
• C)when collected.
• D)when the government has an enforceable legal claim and when the collected within the current period or soon enough thereafter to be used to pay the liabilities of the current period.

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Definitions:

Grapevine Communication

Informal communication within an organization that arises from normal social interaction.

Employee Blogs

Online platforms or websites where employees share their insights, experiences, or opinions about their work, industry trends, or workplace culture.

Social Media

Platforms and technologies that enable users to create, share content, and participate in social networking.

Principles of PIPEDA

The principles of the Personal Information Protection and Electronic Documents Act govern how private sector organizations collect, use, and disclose personal information in the course of commercial activities in Canada.