Question 1 The account Deferred Inflows of Resources - Unavailable Revenues is used in governmentalfunds to record Property taxes that have been collected but not yet earned. Property taxes that will not becollected within 60 days of fiscal year end. Property taxes that are considered uncollectible. Uncollectibleand unearned property taxes could be included in Deferred Inflows of Resources Unavailable Revenues. The account Deferred Inflows of Resources-Unavailable Revenues is used in governmental funds to recordA Property taxes that have been collected but not yet earned.B Property taxes that will not be collected within 60 days of fiscal year end.(D)Property taxes that are considered uncollectible.Uncollectible and unearned property taxes could be included in Deferred Inflows of Resources-Unavailable Revenues.

The objective of the question is to understand the purpose of the 'Deferred Inflows of Resources -…

Answered: Question 1 The account Deferred Inflows…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 6 The following income received by officials and employees in the public sector are not subject to income tax and withholding tax on compensation, except The excess of the 13th month pay and other benefits paid or accrued during the year over P90,000 Representation and transportation allowance (RATA) granted under the General Appropriations Act Personnel Economic Relief Allowance (PERA) granted to government personnel Monetized value of leave credits paid to government officials and employees Question 7 S1: Gross income exclusion are flow of wealth to taxpayers which are not considered as part of gross income f
Long-term debt intended to be repaid from tax levies or special assessments is recorded in debt service funds. true false
For the 2022 property tax levy for local governments in Illinois, which of the following statements is correct? A. On the lien date in 2022, property tax revenue for 2023 is neither measurable nor available. B. On the levy date in 2022, property tax revenue for 2023 is measurable but not available. C. A and B. D. Neither A nor B.
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D Exercise 5-7A (Static) Which of the following statements are true about state and local income taxes? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) W S X F2 ? All states tax employee earnings. ? Some localities levy income tax on employees. State tax rates on employee earnings vary among states. ? Certain states have no personal income tax deduction. # 3 E JUL 7 80 F3 $ 4 R Q F4 % 5 U * 00 8 DII F8 I ( 9 J K CVBNM A F9 0 < ) 0 F10 L W P 4 F11 { [ = F12 ?
The acquisition of capital assets by a special revenue fund would be shown as: O a. long term asset O b. short term asset (supplies) O c. expenditure O d. cannot have capital acquisitions in governmental funds Oe. expense
General Fund expenditures for uncollectible accounts receivable should be reported in the period that the receivable is .a .Established .b No expenditure is recorded .C .Written off as uncollectible .d .Legally due and payable
The fund that records the payment of principal and interest associated with long-term debt is the _________________, and the fund that records construction project activity is the _______________. None of these capital projects fund; debt service fund general fund; permanent fund capital projects fund; general fund debt service fund; capital projects fund
How is depreciation handled in the federal government’s General Fund? How does it differ from how depreciation is handled in the General Fund of a state or local government?
3
please explain why the option is correct and remainings are incorrect
Fiduciary activities should be reported in fund statements, but should be excluded from the government-wide statements. a. True b. False

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