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September 27, 2023

How does the modified accrual basis of accounting differ from the full accrual method of accounting?

How does the modified accrual basis of accounting differ from the full accrual method of accounting? Why would governmental funds elect to use the modified accrual basis instead of the full accrual basis?

What are funds? What purpose do they serve?

Why do the governmental funds use the term expenditure versus expense?

Requirements: 250-500 words

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