Author Question: Which basis of accounting is used by funds that have a current financial resources measurement ... (Read 77 times)

bobthebuilder · **on:** Jul 5, 2018

Which basis of accounting is used by funds that have a current financial resources measurement focus?

a. full accrual basis
b. cash basis
c. modified accrual basis
d. modified cash basis

Question 2

Supplies are recorded as assets when purchased. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies
a. still on hand
b. purchased
c. used
d. required for the next accounting period