11.When using modified accrual accounting, revenues should be recognized when measurable and available to finance expenditures of the current period.
12.Property tax revenue is considered available if it is received no more than 30 days after the fiscal year end.
13.Encumbrances under modified accrual accounting are recognized when fund liabilities are incurred.
14.Modified accrual accounting is essentially the same as cash basis except that long term assets are
not
recorded.
15.The modified accrual basis is a distinct system of accounting that contains financial statement elements that appear nowhere else.
16.There are no expenses in modified accrual funds.
17.Revenues, but not expenses, are recorded the same under accrual and modified accrual accounting.
18.Budgets are legally binding upon administrators.
19.Real estate property taxes are an example of derived tax revenue.
20.Sales taxes, income taxes, and motor fuel taxes are examples of derived tax revenues.