Under the modified accrual basis of accounting,fixed assets are recorded in the general fund and appear in the fund statements.

Question

Quizplus · Accepted Answer

Under the modified accrual basis of accounting, fixed assets are not recorded in the general fund but are accounted for in the government-wide financial statements. The general fund typically records outflows related to fixed assets as expenditures in the period in which they are acquired.

Under the Modified Accrual Basis of Accounting,fixed Assets Are Recorded