1. ASHFORD ACC 380 Week 2 DQ 1 Modified Accrual Accounting and General Fund ItemsPLEASE DOWNLOAD HEREModified Accrual Accounting and General Fund Items. [Complete thefollowing questions based on the Chapter 4 material:a) Outline revenue recognition criteria under modified accrual accounting. Includespecific requirements for property tax revenue.b) Outline expenditure recognition criteria under modified accrual accounting.Include the general case, recognition of debt service expenditures, andrecognition of expenditures for item such as compensated absences II.Distinguish between the (1) GAAP basis and (2) budgetary basis of reporting forthe General Fund.Do not forget to show all necessary steps and explain how you attained theoutcome. Respondtoatleasttwoofyourclassmates’ postings.