The modified accrual basis of accounting is typically used by governmental funds. Among the options provided:

a. Enterprise - This is a type of proprietary fund, and it typically uses full accrual basis of accounting, not modified accrual basis.

b. Permanent - This is a type of governmental fund, and it does utilize the modified accrual basis of accounting.

c. Agency - This fund type acts as a pass-through and does not typically have a measurement focus, so it does not use the modified accrual basis of accounting.

d. Both Permanent and Agency - As explained above, only the Permanent fund uses the modified accrual basis of accounting, not the Agency fund.

So, the correct answer to the question "Which of the following fund type(s) utilizes the modified accrual basis of accounting?" would be the Permanent fund.

Question

The modified accrual basis of accounting is typically used by governmental funds. Among the options provided:

a. Enterprise - This is a type of proprietary fund, and it typically uses full accrual basis of accounting, not modified accrual basis.

b. Permanent - This is a type of governmental fund, and it does utilize the modified accrual basis of accounting.

c. Agency - This fund type acts as a pass-through and does not typically have a measurement focus, so it does not use the modified accrual basis of accounting.

d. Both Permanent and Agency - As explained above, only the Permanent fund uses the modified accrual basis of accounting, not the Agency fund.

So, the correct answer to the question "Which of the following fund type(s) utilizes the modified accrual basis of accounting?" would be the Permanent fund.

Knowee AI · Accepted Answer

The modified accrual basis of accounting is typically used by governmental funds. Among the options provided:

a. Enterprise - This is a type of proprietary fund, and it typically uses full accrual basis of accounting, not modified accrual basis.

b. Permanent - This is a type of governmental fund, and it does utilize the modified accrual basis of accounting.

c. Agency - This fund type acts as a pass-through and does not typically have a measurement focus, so it does not use the modified accrual basis of accounting.

d. Both Permanent and Agency - As explained above, only the Permanent fund uses the modified accrual basis of accounting, not the Agency fund.

So, the correct answer to the question "Which of the following fund type(s) utilizes the modified accrual basis of accounting?" would be the Permanent fund.

Which of the following fund type(s) utilizes the modified accrual basis of accountinga.Enterprise.b.Permanent.c.Agency.d.Both Permanent and Agency

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