Expenditures under modified accrual accounting are recognized when fund liabilities are incurred.
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Q2: Net resources of a governmental fund represented
Q4: Rainy day funds are classified as committed
Q5: Modified accrual accounting is essentially the same
Q7: $200,000 to be used to fund government
Q8: A nonexchange transaction is one where a
Q14: There are no expenses in modified accrual
Q15: Outstanding encumbrance of $80,000 for the purchase
Q17: Revenues,but not expense are recorded the same
Q17: If "rainy day" funds are available "in
Q19: An exchange transaction is one where each
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