Under the modified accrual basis of accounting, property taxes are recorded as deferred inflows if expected to be collected: Multiple Choice More than 30 days after fiscal year end. More than 60 days after fiscal year end. More than 90 days after fiscal year end. After fiscal year end..
Under the modified accrual basis of accounting, property taxes are recorded as deferred inflows if expected to be collected:
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More than 30 days after fiscal year end.
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More than 60 days after fiscal year end.
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More than 90 days after fiscal year end.
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After fiscal year end..
The modified accrual basis of accounting is a method of accounting used primarily in governmental and nonprofit organizations in which revenues are recognized when measurable and available and expenditures are recognized when incurred, with certain exceptions to better match revenue and expenses to the period in which they are earned or incurred. This technique contrasts between the accrual basis, which recognizes revenues as they are generated and costs as they are spent, and the cash basis, which recognizes transactions only as they are received or paid in cash.
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