Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Question
Chapter 4, Problem 6Q
To determine
Indicate the reason for the difference between the amount of property tax revenues recorded by governmental funds for the current year, and the amount of property tax revenues recorded for governmental activities for the current year.
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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?
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
Which of the following accounts of a governmental unit is usually credited when taxpayers are billed for property taxes?a. Appropriationsb. Taxes Receivable—Currentc. Estimated Revenuesd. Revenues
Chapter 4 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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Similar questions
- Explain the informational benefit from required disclosure of tax abatements provided by state and local governments?arrow_forwardWhich 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.arrow_forwardIn recording its property tax assessment for the year, a county government estimates the amount of uncollectible taxes. How is this estimate reflected in the financial statements: An expenditure under General Government Operations. A credit to Taxes Receivable. A reduction in Property Tax Revenue. A debit to Estimated Uncollectible Taxes.arrow_forward
- Is there a standard approach for determining when income and expenses are recognized in financial statements for governmental funds?arrow_forwardWhich among the type of taxes (national or local) do you think can be reduced, removed, or revised to the benefit of both the government and the common individual? Cite relevant sources such as previous research studies, taxation reform programs, and the like.arrow_forwardWhen is a receivable recognized for property tax assessments? When is the revenue recognized?arrow_forward
- What is the IRS’s requirement for tax reporting regarding the choice of a denominator-level capacity concept?arrow_forwardA. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?arrow_forwardRevenue 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 4arrow_forward
- Which of the following adjustments would likely be made when moving from governmental funds financial statements to government-wide financial statements? a. Record an additional expense for compensated absences b. Record an additional expense related to salaries earned at year-end c. Both of the above d. Neither of the abovearrow_forwardWhat are current IFRS standards for accounting for government grants?arrow_forwardWhat 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 receivablearrow_forward
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