Under the modified accrual basis of accounting for the general fund,expenditures should be recognized in the period in which the related liability is: 
Definitions:
Loan
An amount of money that is lent to someone, which is expected to be paid back with interest.
Interest
The cost of borrowing money, typically expressed as an annual percentage of the principal amount.
Months
Units of time into which a year is divided, normally consisting of 28 to 31 days.
Deposit
A sum of money placed or kept in a bank account, usually to gain interest.
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