Under the Modified Accrual Basis of Accounting for the General

question 83

Multiple Choice

Under the modified accrual basis of accounting for the general fund,expenditures should be recognized in the period in which the related liability is:

• A) I only
• B) II only
• C) Both I and II
• D) Neither I nor II

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Definitions:

Past Three Years

A time frame referring to the last three consecutive years leading up to the current date.

Age Group

A classification of people based on their age, often used in research and marketing to target specific demographic segments.

Over 45

Referring to individuals or entities that are more than 45 years old or to quantities greater than 45 in number.

Probability Assignment Rule

A principle that assigns probabilities to outcomes of a random experiment, ensuring the sum of the probabilities equals one.