Which of the Following Is True Regarding Modified Accrual Accounting

question 71

Multiple Choice

Which of the following is true regarding modified accrual accounting?

• A) Revenues are generally recognized when measurable and available to finance expenditures of the current period.
• B) Expenditures are recognized as the related goods or services are received.
• C) Both (a) and (b) above.
• D) None of the above.

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Definitions:

Black Middle Class

African American individuals and families that fall within the middle-income range, experiencing economic stability and upward mobility, particularly visible post-Great Migration.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, leading to widespread unemployment and poverty.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to provide relief, recovery, and reform from the Great Depression.

NYA

The National Youth Administration, a New Deal agency in the United States that provided work and education for young Americans during the Great Depression.