Modified accrual method and the full accrual method

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Please explain the difference between the modified accrual method and the full accrual method?

"Under modified accrual accounting, the term expenditure is used instead of expense. Expenditures are generally recognized when the liability is incurred." Why do you think this difference is made in governmental accounting?

As you probably saw in your Statement of Revenues, Expenditures and Changes in Fund Balances, the General Fund is always considered to be a major fund. When are other governmental funds considered major?

Reference no: EM13829744

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