Under Modified Accrual Accounting, When Should an Expenditure Be Recorded

question 31

Multiple Choice

Under modified accrual accounting, when should an expenditure be recorded to recognize interest on long-term debt?

• A) at the end of each accounting period.
• B) when payment is due within one fiscal year.
• C) when payment is due.
• D) when cash is available to pay the interest.
• E) when the interest is incurred.

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Definitions:

Social ties

Relationships and connections between individuals or communities, including familial, friendship, and professional interactions, which provide social support and impact well-being.

Drinking water

Water that is safe for human consumption, free from contaminants, and essential for health and survival.

Virtual communities

Online networks of individuals who share interests, ideas, or goals and interact through social media, forums, or other digital platforms.

In-group

A social group to which a person psychologically identifies as being a member, often distinguishing members from those in out-groups.