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GFOA CPFO Exam - Topic 8 Question 4 Discussion

The modified accrual basis of accounting is characterized by:
B) revenues being recognized when measurable and available.
A) revenues being recognized when realized.
C) assets included in the general fixed asset account group.
D) expenditures recorded when warrants are paid.

GFOA CPFO Exam - Topic 8 Question 4 Discussion

Actual exam question for GFOA's CPFO exam
Question #: 4
Topic #: 8
[All CPFO Questions]

The modified accrual basis of accounting is characterized by:

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Suggested Answer: B

by Marti at May 04, 2022, 11:33 PM

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Stephaine
11 months ago
Expenditures are recorded when warrants are paid, right?
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Veronika
11 months ago
Wait, are we sure about that?
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Colette
11 months ago
I thought it was just when realized?
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Denae
12 months ago
Totally agree with that!
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Harley
12 months ago
Revenues are recognized when measurable and available.
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Dominque
12 months ago
I thought expenditures were recorded when warrants are paid, which might relate to D, but I feel like that's more about cash basis accounting.
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Mira
12 months ago
I'm not entirely sure, but I remember something about revenues being recognized when realized, which sounds like A.
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Sophia
12 months ago
I think the modified accrual basis is about recognizing revenues when they are measurable and available, so I might go with B.
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Heike
12 months ago
I practiced a similar question, and I believe the correct answer is B, but I keep mixing it up with the full accrual basis.
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Sabine
1 year ago
This looks like a question on project management processes. I think the key is to identify the process that ensures the project includes all the necessary work and only the necessary work. Based on the options, I'd say the answer is D - Estimate project scope.
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Melissa
1 year ago
Hmm, this seems like a straightforward question. I think the answer is B - open questions would be the best way to encourage the customer to talk more about their incident.
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Candra
1 year ago
This question seems straightforward. The division is loss-making and requires significant new investment, so the discounted forecast free cash flow approach is likely the most useful for determining the sales price.
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Truman
1 year ago
I think options A, B, and E might be the correct answers since they're focused on quick deployments.
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