Which of the Following Years Is Referred to as the "Year

question 8

Multiple Choice

Which of the following years is referred to as the "Year of Liberation"?

• A) 1985
• B) 1987
• C) 1989
• D) 1991
• E) 2001

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Definitions:

Modified Accrual Accounting

An accounting method that recognizes revenues when they become available and measurable and expenses when they are incurred, used often by government entities.

Revenue Recognition

An accounting principle that determines the specific conditions under which income becomes realized or realizable, and thus recognized as revenue.

Property Taxes

Taxes levied by local governments based on the assessed value of real property.