EXERCISES EX. 4-1 Select the best answer. 1. 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 cUntil they are subject to accrual d. Until they are measurable and available "Available" (as in "measurable and available") means 2. a. Available to finance expenditures of the current period b. Subject to accrual c. Collectible d. Available for appropriation 3. 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