1 3 4 Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition differences in recognition of fixed assets and differences in the recording of long-term debt described below a Determines when something is measured b Measures primarily financial resources and does not recognize long-term assets and liabilities Recognizes revenues when measurable and available to finance expenditures of the current period d Expenses are recognized when goods or services are used Expenses are matched with the revenues those expenses generate e Fixed assets are not capitalized or depreciated rather fixed assets are charged to expenditures when received 1 3 4 Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition differences in recognition of fixed assets and differences in the recording of long-term debt described below a Determines when something is measured b Measures primarily financial resources and does not recognize long-term assets and liabilities Recognizes revenues when measurable and available to finance expenditures of the current period d Expenses are recognized when goods or services are used Expenses are matched with the revenues those expenses generate e Fixed assets are not capitalized or depreciated rather fixed assets are charged to expenditures when received