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

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 27CYBK

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