Under the Modified Accrual Basis of Accounting,revenues Should Be Recognized

question 64

Multiple Choice

Under the modified accrual basis of accounting,revenues should be recognized when they are:

• A) authorized by the budget ordinance.
• B) earned and measurable.
• C) measurable and available to finance expenditures of the current period.
• D) realized through collection.

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Definitions:

Bank Charter

A legal document that authorizes the establishment and operation of a bank, setting out its rights and obligations.

Savings And Loan

A financial institution that specializes in accepting savings deposits and making mortgage and other loans.

FDIC

The Federal Deposit Insurance Corporation, a United States government agency that provides deposit insurance to depositors in US banks.

Speculative

Actions based on conjecture rather than knowledge, often in the context of investment, involving risks with the hope of substantial gains.