Accrual basis of accounting is not used in governmental entities because they use modified accrual basis of accounting. a. TRUE b. FALSE Liabilities under modified accrual basis are short term in nature, so we don't record liabilities that will be paid after many years in the future. a. FALSE b. TRUE

Accrual basis of accounting is not used in governmental entities because they use modified accrual basis of accounting. a. TRUE b. FALSE Liabilities under modified accrual basis are short term in nature, so we don't record liabilities that will be paid after many years in the future. a. FALSE b. TRUE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Explain it correctly I upvote. But not copy paste anything