EX$.4-1$

Select the best answer.

Under the modified accrual basis of accounting, revenues cannot be recognized

a$.$ Until cash has been collected

b$.$ Unless they will be collected within $60$ days of year$-$end

c$.$ Until they are subject to accrual

d$.$ Until they are measurable and available

"Available" $($as in "measurable and available"$)$ means

a$.$ Available to finance expenditures of the current period

b$.$ Subject to accrual

c$.$ Collectible

d$.$ Available for appropriation

Property taxes are an example of

a$.$ An imposed exchange transaction

b$.$ An imposed nonexchange transaction

c$.$ A derived transaction

d$.$ A government$-$mandated nonexchange transaction

To be considered "available," property taxes must have been collected either during the government's fiscal year or within

a$.$ The time it takes for the government to liquidate its obligations from the prior year

b$.$ Thirty days of year$-$end

c$.$ Sixty days of year$-$end

d$.$ The following fiscal year