What basis of accounting is used to account for the transactions of a government's permanent fund?
A) Full accrual basis of accounting.
B) Modified accrual basis of accounting.
C) Cash basis of accounting.
D) Budgetary basis of accounting.

Question

Quizplus · Accepted Answer

Modified accrual basis of accounting is used to account for the transactions of a government's permanent fund.

What Basis of Accounting Is Used to Account for the Transactions