Author Question: Under modified accrual accounting, when are revenues considered to be available? a. when cash has ... (Read 115 times)

stevenposner · **on:** Jul 5, 2018

Under modified accrual accounting, when are revenues considered to be available?

a. when cash has been collected
b. when cash is collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period
c. when cash is on hand or reasonably expected to be collected at any time in the future so they can pay liabilities incurred in the current period
d. when property tax bills have been mailed

Question 2

Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.
a. True
b. False
Indicate whether the statement is true or false