EX
Select the best answer.
Under the modified accrual basis of accounting, revenues cannot be recognized
a Until cash has been collected
b Unless they will be collected within days of yearend
c Until they are subject to accrual
d Until they are measurable and available
"Available" as in "measurable and available" means
a Available to finance expenditures of the current period
b Subject to accrual
c Collectible
d Available for appropriation
Property taxes are an example of
a An imposed exchange transaction
b An imposed nonexchange transaction
c A derived transaction
d A governmentmandated nonexchange transaction
To be considered "available," property taxes must have been collected either during the government's fiscal year or within
a The time it takes for the government to liquidate its obligations from the prior year
b Thirty days of yearend
c Sixty days of yearend
d The following fiscal year
