“Basis of accounting” means when revenues, expenditures, expenses, and transfers, and the related assets and liabilities, are recognized in the accounts and reported in the financial statements.

Source. #4940, eff 9-25-90; ss by #6335, eff 9-24-96; ss by #8179, eff 9-24-04; ss by #10214, eff 10-24-12; ss by #13489, eff 11-15-22 (see Revision Note at chapter heading for Rev 1700)