Governmental fund statements are prepared using:

A.
Economic resources measurement focus and modified accrual basisof accounting.

B.
Current financial resources measurement focus and modifiedaccrual basis of accounting.

C.
Current financial resources measurement focus and accrual basisof accounting.

D.
Economic resources measurement focus and accrual basis ofaccounting

Question

Governmental fund statements are prepared using:

	A.	Economic resources measurement focus and modified accrual basisof accounting.
	B.	Current financial resources measurement focus and modifiedaccrual basis of accounting.
	C.	Current financial resources measurement focus and accrual basisof accounting.
	D.	Economic resources measurement focus and accrual basis ofaccounting

Unlock all answers

	A.	events that change a company's financial statements arerecognized in the period they occur rather than in the period inwhich cash is paid or received.
	B.	net income is calculated by matching cash outflows against cashinflows.
	C.	the ledger accounts must be adjusted to reflect a cash basis ofaccounting before financial statements are prepared under generallyaccepted accounting principles.
	D.	cash must be received before revenue is recognized.