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Q: Bhupatbhai
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- What restrictions are placed on state and local government debt in Texas?
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- These are involuntary fees levied on individuals or corporations and imposed by the government —whether local, regional, or national to finance government activities. a. Taxes b. Excise Taxes c. Property Tax d. VATWhat are two major legal differences between state governments, and businesses, that would affect the financial reporting needs of governments?Obligations of property owners within a particular government for their proportionate share of debts of other governments with whom their government shares boundaries are called overlapping debt. conduit debt. committed debt. more obligation debt.
- 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?Question.When is an encumbrance recorded? What happens to this balance? How are encumbrances reported in government-wide financial statements?
- How has the dual system of financial statements impacted the financial reporting of state and local governments?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 leviesWhat is a federal deficit? How is it managed?