When Using Modified Accrual Accounting, Revenues Should Be Recognized When

question 147

True/False

When using modified accrual accounting, revenues should be recognized when measurable and available to finance expenditures of the current period.

---

Definitions:

Intermediate

An intermediate in chemistry is a transient species within a chemical reaction that is formed from the reactants and proceeds to form the final product.

Hybrid

Pertaining to the combination of two or more different breeds, types, or varieties, especially in reference to plants or animals.

Alkyl Halides

Organic compounds containing a halogen atom (F, Cl, Br, I) substituted for a hydrogen atom in an alkyl group.

Boiling Point

When a liquid's vapor pressure is equal to the surrounding atmospheric pressure, resulting in its conversion to vapor.