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What is modified accrual?

Updated: 9/17/2019
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Q: What is modified accrual?
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Is special revenue fund accrual or modified accrual?

Modified


What is the difference between Modified accrual and Full accrual method?

What is the difference between Modified accrual and Full accrual method?"


What are the advantages of modified accrual accounting?

advantage modified accrual accounting in government


For the modified accrual basis of accounting what would be the entry to record the purchase of an building?

For the modified accrual basis of accounting what would be the entry to record the purchase of an building?


Is the enterprise fund full accrual or modified accrual accounting?

It's full accrual because it is considered part of the business type activities of a government. Something, such as the general fund, is considered modified because it is a budgetary tool and it would not consider future liabilities, only current.


Under the modified accrual basis of accounting revenues cannot be recognized?

Until they are measurable and available


What are the differences between full accrual modified accrual and cash budget accounting?

For full accrual, just look up accrual accounting, that's basically it. Modified Accrual Accounting is a governmental accounting method where revenue is recognized when it becomes available and measurable. Also, expenditure is typically recognized in the period in which the liability is incurred, except in cases where: 1. inventories of materials and supplies that may be considered expenditures either when bought or used 2. interest on general and special assessment long-term debt that is recognized on the date due; and 3. use of encumbrances, in which case, most governmental funds follow the modified accrual method. Page 273, Dictionary of Accounting Terms, Baron's Business Guides, Baron's Educational Services, 1987 New York A Cash Budget is a detailed budget of estimated cash inflows and outflows within a business, and incorporates both revenue and capital items.


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What is sales accrual?

Accrual is a form of record-keeping. Usually, businesses record sales on a cash or accrual basis. Accrual accounting is when sales are recorded when they are made instead of when payment is received.


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devengo is the spanish word for accrual.


Of what significance is the change from the modified-accrual basis of accounting to government-wide reporting?

The change is important to potential lenders and taxpayers because of the need to capitalize and depreciate general capital assets or infrastructure