What is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?
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What is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?
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- What would be the appropriate account title for funds collected by a sales tax custodial fund? A. Sales tax revenue B. Other financing sources C. Additions-tax collections for other governments D. Sales taxes receivableExplain the modified accrual accounting method. Why is it utilized in financial statements for government funds?Which of the following would not appear on a statement of changes in fiduciary net position? Multiple Choice Due to Other Funds. Additions—Investment Earnings. Additions—Property Tax Collections for Other Governments. Deductions—Administrative Fees.
- Describe the different taxes that government uses to collect revenue.Is there a standard approach for determining when income and expenses are recognized in financial statements for governmental funds?Revenue from property taxes should be recorded in the General Fund: When received. When there is an enforceable legal claim. O When they are available for recognition. O In the period for which the resulting resources are required or permitted to be used. In the period in which the tax bills are mailed. Question 4
- Which of the following items is not recognized as revenue by a governmental unit? Group of answer choices a.) Sales tax proceeds b.) Bond proceeds c.) Property tax leviesExplain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?Property tax revenue recorded in the governmental funds may differ from the amount recorded at the government-wide level in any given year. True or False
- Revenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.What are the two objectives of accounting for income taxes identified by the FASB?How does the federal government aquire debt?