d) Allstate and local governments and all not-for-profit entities. 6 Question 2 (2 points) 8 9 Listen 2. Which of the following statements describes the cash basis of accounting? 11 12 a) Revenues are recognised when cash is received, and expenses are recognized when cash to paid. 14 15 b) Revenues are recognised when canh is wailable, and expenses are recognised when cash is to be paid using current financial resources 17 18 c) Revenues are recognised when cames, and expenses we recognised when incurred. 20 21 d) All of the above are correct. e) Only answers a) and b) are correct Question 3 (2 points) Listen 3. A fund is a) A segregated quantity of cash and other financial resources on deposit with a designated triste b) A separate fiscal and accounting entity c) A separate legal entity d) A separate well-balancing set of accounts for inventary purposes