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Explain the modified accrual basis of accounting

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Reference no: EM132473722

Question 1: Under GASB guidance, when should an item be recognized on the face of the financial statements?

Question 2: Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?

Question 3: Identify and briefly describe the three broad categories of service activities that most general purpose governments perform.

Question 4: Describe how the reporting objectives for government-wide and governmental fund financial statements are different.

Question 5: Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?

Question 6: How do expenses and expenditures differ?

Reference no: EM132473722

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