The modified accrual basis is a distinct system of accounting that contains financial statement elements that appear nowhere else. Among these are expenditures and fund balances.
Answer the following statement true (T) or false (F)
True
Revenues follow different recognition criteria between the two bases. There are additional differences; unlike accrual accounting, modified accrual accounting does not recognize long-term assets and long-term liabilities. Modified accrual basis is a distinct system of accounting that contains financial statements elements that appear nowhere else. Expenditures and fund balance are two examples. Expenses are not recorded.
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