Question

The basis of accounting that should be used in preparing fund financial statements is: Governmental funds Proprietary funds Fiduciary funds

A) Modified accrual Accrual Modified accrual
B) Modified accrual Modified accrual Modified accrual
C) Modified accrual Accrual Accrual
D) Accrual Accrual Accrual

Answer 1

C) Modified accrual Accrual Accrual

Step-by-step explanation:

The basis of accounting that should be used in preparing fund financial statements is: Governmental funds Proprietary funds Fiduciary funds

Governmental Funds: Modified Accrual

Proprietary Funds: Accrual

Fiduciary Funds: Accrual