The Only Difference Between Modified Accrual Accounting and Accrual Accounting

question 44

True/False

The only difference between modified accrual accounting and accrual accounting is the difference in the recognition of long-term assets and liabilities.

---

Definitions:

Hygroscopic

A characteristic of brake fluid by which it absorbs moisture. Over time, this can damage the hydraulic system components.

Proportioning Valve

A valve in a vehicle's brake system that regulates the pressure between the front and rear brakes to prevent rear wheel lockup during braking.

Metering Valve

A type of combination brake system valve that introduces a slight delay in the application of the front disc brakes in relation to the rear drum brakes. This allows more balanced braking and better vehicle control. See alsoproportioning valves.

Junction

A point where two or more roads or electrical circuits meet or cross.