Which of the Following Is True Regarding Modified Accrual Accounting

question 76

Multiple Choice

Which of the following is true regarding modified accrual accounting?

• A) Expenditures for claims and judgments, compensated absences and special termination benefits should be recognized whether or not the liabilities are to be paid with available resources
• B) Expenditures for goods and services used by General Fund departments should be recognized when those goods and services are received, regardless of whether or not resources are available in the fund
• C) Both of the above are true
• D) Neither of the above is true

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Definitions:

Orvieto Cathedral

A large 14th-century Roman Catholic cathedral located in Orvieto, Italy, noted for its stunning facade and significance in medieval architecture.

Silk Trade

An ancient network of trade routes that connected the East and West, significant for the exchange of silk, spices, and other goods, facilitating cultural exchanges.

Technical Effects

Refers to the specific visual or auditory effects achieved through the use of technology in art, film, theater, and other mediums to enhance the experience.

Fresco

Painting on lime plaster, either dry (dry fresco, or fresco secco) or wet (true, or buon, fresco). In the latter method, the pigments are mixed with water and become chemically bound to the freshly laid lime plaster. Also, a painting executed in either method.