1. Multiple Choice: What is the primary difference between accrual and modified accrual accounting in governmental accounting? a) Timing of revenue recognition b) Measurement focus c) Nature of the fund used d) Classification of funds Answer: b) Measurement focus. Rationale: Accrual accounting recognizes revenues when they are earned and expenses when they are incurred, regardless of when cash transactions occur. Modified accrual accounting, on the other hand, focuses on the flow of economic resources and recognizes revenues when they become available and measurable and expenditures when the related fund liability is incurred. 2. True/False: In nonprofit accounting, the statement of activities is equivalent to the income statement in for-profit accounting. Answer: True. Rationale: The statement of activities in nonprofit accounting reports on the revenues, expenses, gains, and losses of the organization, which is similar to the income statement's function in forprofit accounting.


No comments found.
Login to post a comment

jordancarter 7 months ago

This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!
Login to review this item
Q. What will I receive when I purchase this document?
A. You will receive a PDF that is available for instant download upon purchase. The document will be accessible to you at any time, from anywhere, and will remain available indefinitely through your profile.
Q. Satisfaction guarantee: how does it work?
A. Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Q. Who am I buying these notes from?
A. you are buying this document from us learnexams
Q. Will I be stuck with a subscription?
A. No, you only buy these notes for $ indicated . You are not obligated to anything after your purchase.
Q. Can learnexams be trusted?
A. check our reviews at trustpilot
Price $17.00
Add To Cart

Buy Now
Category WGU EXAM
Comments 0
Rating
Sales 0

Buy Our Plan

We have

The latest updated Study Material Bundle with 100% Satisfaction guarantee

Visit Now
Processing