Which of the Following Is (Are)an Appropriate Basis of Accounting

question 59

Multiple Choice

Which of the following is (are) an appropriate basis of accounting for an internal service fund?

• A)Modified accrual basis: Yes; accrual basis: No:
• B)Modified; Accrual basis: No; accrual basis: Yes
• C)Modified accrual basis: Yes; accrual basis: Yes
• D)Modified accrual basis: No; accrual basis: No

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Definitions:

Compensation

Payment or reward given to someone in recognition of loss, suffering, or injury.

Federal Court

Federal court refers to a system of courts that have jurisdiction over legal disputes governed by federal law, including disputes between states, constitutional issues, and matters involving the federal government.

Jurisdiction

Jurisdiction pertains to the official power to make legal decisions and judgments, often within a specific geographic area or over certain types of legal cases.

Consumer Surplus

Consumer surplus is the difference between the highest price a consumer is willing to pay for a good or service and the actual price they pay.