What basis of accounting is used to recognize revenues in the General fund?
A)cash basis
B)modified accrual basis
C)accrual basis
D)budgetary basis

Question

Quizplus · Accepted Answer

The General Fund typically uses modified accrual basis accounting, which recognizes revenues when they are both measurable and earned, regardless of whether or not they have been received. This differs from cash basis accounting, which recognizes revenues only when they are received, and accrual basis accounting, which recognizes revenues when they are earned, regardless of whether or not they have been received. Budgetary basis accounting is used primarily for budgeting purposes and does not take into account all of the financial transactions that occur in the General Fund.

What Basis of Accounting Is Used to Recognize Revenues in the General