Modified accrual accounting is essentially equivalent to cash basis accounting

Name: Modified accrual accounting is essentially equivalent to cash basis accounting
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Modified accrual accounting is not equivalent to the cash basis. Governmental funds record receivables and recognize revenues before collection as well as accrued expenditures, not expenses, and liabilities. Financial statements prepared using the modified accrual method do not include long-term assets or long-term liabilities.

Modified Accrual Accounting Is Essentially Equivalent to Cash Basis Accounting