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ochreduck193Lv1
28 Sep 2019
please explain the difference between the modified accrual method and the full accrual method?
"Under modified accrual accounting, the term expenditure is used instead of expense. Expenditures are generally recognized when the liability is incurred." Why do you think this difference is made in governmental accounting?
as you probably saw in your Statement of Revenues, Expenditures and Changes in Fund Balances, the General Fund is always considered to be a major fund. When are other governmental funds considered major?
This is for a non profit accounting class:)
please explain the difference between the modified accrual method and the full accrual method?
"Under modified accrual accounting, the term expenditure is used instead of expense. Expenditures are generally recognized when the liability is incurred." Why do you think this difference is made in governmental accounting?
as you probably saw in your Statement of Revenues, Expenditures and Changes in Fund Balances, the General Fund is always considered to be a major fund. When are other governmental funds considered major?
This is for a non profit accounting class:)
Irving HeathcoteLv2
30 Sep 2019