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hello and welcome to this session in which we would look at an exercise or a CPA simulation that illustrate the modified basis in the prior session we explained the modified basis we explained the theoretical framework behind the modified basis why government entities certain government entities use the modified basis in this session weamp;#39;re going to work few journal entries that illustrate the modified basis weamp;#39;re going to compare the modified basis to the cache basis weamp;#39;re going to compare the modified basis to the full accrual basis so itamp;#39;s very important to see how would you book a transaction under the modified basis versus the other basis and in this session weamp;#39;re going to be working at four weamp;#39;re going to be looking at four different transactions and what Iamp;#39;m gonna do as well compute the profitability under each method whether itamp;#39;s the cash basis modified basis or full accrual basis what Iamp;#39;m gonna do at this p