Use of the consumption method of accounting for inventory is not acceptable for the fund financial statements.

Name: Use of the consumption method of accounting for inventory is not acceptable for the fund financial statements.
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Question

Quizplus · Accepted Answer

The consumption method of accounting for inventory is not acceptable for fund financial statements because it does not conform to the modified accrual basis of accounting typically used in governmental fund financial statements.

Use of the Consumption Method of Accounting for Inventory Is