When Using Modified Accrual Accounting,revenues Should Be Recognized When Measurable

question 89

True/False

When using modified accrual accounting,revenues should be recognized when measurable and available to finance expenditures of the current period.Property tax revenue is considered available if it is received no more than 60 days after the fiscal year end.

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Definitions:

Involuntary Assignment

Assignment of rights that takes place involuntarily, as in the cases of death and bankruptcy.

Equity Provision

A clause in an agreement that allows for adjustment based on the equity value of an entity or asset.

Contract Terms

The specific provisions, conditions, and stipulations that define the agreement and obligations between parties in a contract.

Subject to the Equities

A condition indicating that rights or claims are governed by or contingent upon the principles of equity or fairness in a legal context.