Government and Fiduciary Fund Statements Use the Modified Accrual Basis

question 95

True/False

Government and Fiduciary fund statements use the modified accrual basis, while government-wide, and proprietary funds use accrual basis.

---

Definitions:

Abilities

The skills and competencies that enable an individual to perform actions or tasks effectively.

Skills

Abilities and expertise developed through practice and education.

Consumer-To-Consumer Retail

Consumer-to-consumer retail involves transactions between consumers, typically facilitated by third-party platforms or marketplaces that enable individuals to sell and buy products or services from one another.

Peer-To-Peer Transaction

Direct exchanges of goods, information, or services between individuals without the involvement of a central authority or intermediary.