Altoona

Chapter 2: The Use of Funds in Governmental Accounting Multiple Choice 1. To what does basis of accounting refer? a. whether an entity is trying to measure the excess of inflows over outflows b. how much cash an entity received in a particular reporting period c. the timing of recognition of assets, liabilities, revenues, and expenditures/expenses in financial statements d. the ownership of the assets, liabilities, and equities reported in a balance sheet Answer: c