One difference between accounting for a governmental (not-for-profit) unit and a commercial (for-profit) enterprise is that a

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One difference between accounting for a governmental (not-for-profit) unit and a commercial (for-profit) enterprise is that a governmental unit should

a. Not record depreciation expense in any of its funds.

b. Always establish and maintain complete self-balancing accounts for each fund.

c. Use only the cash basis of accounting.

d. Use only the modified accrual basis of accounting.

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Advanced Financial Accounting

ISBN: 9781260165111

12th Edition

Authors: Theodore Christensen, David Cottrell, Cassy Budd

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