Use of modified accrual accounting:

A.eliminates the need for keeping track of encumbrances during budget execution.

B.records expenditures when contractual payments are made.

C.records expenditures when materials are delivered.

D.requires immediate depreciation of all capital assets.

To what value would $20,000 compound in five years, assuming an annual discount rate of 5%?

A.25,526

B.21,000

C.20,000

D.19,048