Under the modified accrual basis of accounting applicable to governmental fund types,revenue from sources such as fines and forfeits is accrued and recorded at net realizable value.

Question

Quizplus · Accepted Answer

Fines and forfeits, and many other sources of revenue of the General Fund and special revenue funds, are generally recognized when cash is received because there is no practicable way of measuring the revenue before collection.

Under the Modified Accrual Basis of Accounting Applicable to Governmental