Which Fund Category Must Change from Modified Accrual to Accrual

question 131

Multiple Choice

Which fund category must change from modified accrual to accrual basis when preparing government-wide financial statements?

• A) Governmental
• B) Proprietary
• C) Fiduciary
• D) A & B only

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Definitions:

Quasi-Contractual Agreement

An arrangement that is not an official contract but is treated as such by a court to prevent a party from being unjustly enriched at the expense of another.

Unconscious

pertains to a state where a person is not awake and aware of their environment, often resulting from illness, injury, or medical intervention.

Implied in Law

describes obligations or rights that are not explicitly stated but are inferred by legal principles or statutes to ensure fairness and justice.

Unjust Enrichment

A legal principle that occurs when one person is unfairly enriched at the expense of another, and the law demands restitution to the aggrieved party.