Which of the Following Statements Is not true Regarding Modified

question 24

Multiple Choice

Which of the following statements is not true regarding modified accrual accounting?

• A) Expenditures and fund liabilities are recorded when goods and services are received.
• B) Debt service expenditures for principal and interest are accrued.
• C) Expenditures for claims and judgments and landfill post-closure care costs of governmental funds should be recognized to the extent that the liabilities are going to be paid with available resources.
• D) Compensated absences and special termination benefits of governmental funds that will not be paid with available resources should be reported as liabilities in the government-wide statements.

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Definitions:

Fuel Economy

A measure of how far a vehicle can travel on a specific amount of fuel, often expressed in miles per gallon (mpg) or liters per 100 kilometers (L/100km).

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates.

Patent

A form of intellectual property right that grants the inventor exclusive rights to a new invention for a specified period.

Social Responsibility

The obligation of individuals or organizations to act for the benefit of society at large.