Author Question: Under the modified accrual basis of accounting a. expenditures are recognized when paid in cash ... (Read 62 times)

JMatthes · **on:** Jul 5, 2018

Under the modified accrual basis of accounting

a. expenditures are recognized when paid in cash if not previously encumbered
b. property tax revenues are recognized when earned
c. property tax revenues are recognized when measurable and available
d. encumbrances are equivalent to expenditures

Question 2

The sum of the debits must equal the sum of the credits on the trial balance.
a. True
b. False
Indicate whether the statement is true or false