Which Basis of Accounting Must Be Used in Presenting the "Actual

question 23

Multiple Choice

Which basis of accounting must be used in presenting the "actual" column of the fund-level budgetary comparison schedules for the General Fund and major Special Revenue Funds?

• A)the government's budgetary basis of accounting
• B)the modified accrual basis of accounting
• C)the full accrual basis of accounting
• D)the cash basis of accounting

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Definitions:

Revised Act

An updated or amended version of a legislative act which incorporates changes, corrections, or new provisions.

Re-harmonization

The process of changing or adapting the chord progression of a piece of music to create a new arrangement or to provide variation.

Business Entity Acts

Legislation that governs the creation, operation, and dissolution of various types of businesses and their legal entity status.

General Partnership

A business arrangement where two or more individuals share ownership, as well as the profits, liabilities, and management duties.