Under GASB Statement 33 requirements for accrual accounting, property tax revenue should be recognized in the period that the tax is collected.
Answer the following statement true (T) or false (F)
False
Property tax revenue is an imposed nonexchange transaction. Property taxes collected within 60 days after the end of the fiscal year may be deemed to be available and recorded as revenue in the year assessed, rather than the year collected.
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Write a short note on trade promotions
What will be an ideal response?
The posting process will include the transfer of the following information from the journal to the account
A) date, amount (debit or credit) B) date, amount (debit or credit), journal page number C) amount (debit or credit), account number D) date, amount (debit or credit) account number
Assuming the indirect method of preparing the statement of cash flows is used, the issue of bonds for plant assets would appear in the:
a. cash flows from financing activities section. b. cash flows from operating activities section. c. cash flows from investing activities section. d. schedule of noncash investing and financing activities.
Under the exclusionary rule, illegally obtained evidence may not be included in any criminal prosecution
Indicate whether the statement is true or false