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Modified basis of Accounting

 
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Category : > Accounting & Book keeping
Posted On : Thu Dec 31st,2009

 
Modified basis accounting is a form of accounting that includes elements of both accrual and cash accounting. It is an accounting method commonly used by government agencies that combines accrual-basis accounting with cash-basis accounting.
 

Modified basis of accounting can be classified as follow:

Modified Cash basis of Accounting
Modified Accrual basis of Accounting

Modified Cash basis of Accounting

Modified cash basis of accounting recognizes transactions and events which have occurred by year end and are normally expected to result in a cash receipts and disbursements within a specific period after year end.

Modified Accrual basis of Accounting

Under modified accrual basis of accounting revenues are recognized in the period they become available and measurable, and expenditures are recognized in the period the associated liability is incurred. Most government accounting follows this method.
The basis of accounting adapted to government fund accounting where revenues are recognized when received in cash or when resources are considered available.  Expenditures are recognized when the related fund liability is incurred.

  


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