1. Describe the similarities that exist between governmental funds and business enterprises
2. Modified accrual accounting means in essence that only expenditures should be accrued; revenues should be recognized on the cash basis.State whether this quotation is true or not, explain what the term "modified accrual" does meanExplain the term accrual accounting and how it is used in governmental, not for profit and business enterprises.
3. Explain the term accrual accounting and how it is used in governmental, not for profit and business enterprises.