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EX.4-1 Select the best answer. Under the modified accrual basis of accounting, revenues cannot...

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Accounting

EX.4-1
Select the best answer.
Under the modified accrual basis of accounting, revenues cannot be recognized
a. Until cash has been collected
b. Unless they will be collected within 60 days of year-end
c. Until they are subject to accrual
d. Until they are measurable and available
"Available" (as in "measurable and available") means
a. Available to finance expenditures of the current period
b. Subject to accrual
c. Collectible
d. Available for appropriation
Property taxes are an example of
a. An imposed exchange transaction
b. An imposed nonexchange transaction
c. A derived transaction
d. A government-mandated nonexchange transaction
To be considered "available," property taxes must have been collected either during the government's fiscal year or within
a. The time it takes for the government to liquidate its obligations from the prior year
b. Thirty days of year-end
c. Sixty days of year-end
d. The following fiscal year
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