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 8, Problem 17.5EP
To determine
Complete the sentence “Tax custodial funds________”.
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Students have asked these similar questions
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. VAT
Select all the true statements from the following pool of statements:
A - Tax, being one of the indispensable inherent powers, is the government's primary source of revenue.
B - Generally, government revenues arising from exchange transactions are measured at face amount of the cash consideration
received.
C- For revenues that are long-term and deferred in nature, the revenue is measured at present value.
D- Taxes are enforced payments by any taxable subjects, in support of government for its fiscal purpose. Taxes, being
comprehensive in nature, may include fines, fees and penalties.
E- Generally, payments made to the government in the form of checks are not allowed.
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?
Chapter 8 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 8 - What are the criteria for determining if a...Ch. 8 - Prob. 2QCh. 8 - Identify the different types of trust funds and...Ch. 8 - Describe the basic activities conducted by a tax...Ch. 8 - Explain how the financial reporting of fiduciary...Ch. 8 - Prob. 6QCh. 8 - How are external investment pool activities...Ch. 8 - What is a private-purpose trust fund? There are...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - What is OPEB and how is OPEB reported by...Ch. 8 - Prob. 12CCh. 8 - Prob. 13CCh. 8 - Prob. 14CCh. 8 - Prob. 15CCh. 8 - Prob. 17.1EPCh. 8 - Which of the following is not a fiduciary fund? a....Ch. 8 - Prob. 17.3EPCh. 8 - Fiduciary fund activities are not included in the...Ch. 8 - Prob. 17.5EPCh. 8 - Prob. 17.6EPCh. 8 - The city has installed sidewalks using special...Ch. 8 - Prob. 17.8EPCh. 8 - Fiduciary funds a. Are accounted for using the...Ch. 8 - Prob. 17.10EPCh. 8 - Prob. 17.11EPCh. 8 - An investment trust fund would report in the...Ch. 8 - Prob. 17.13EPCh. 8 - Which pension fund financial statement or schedule...Ch. 8 - Prob. 17.15EPCh. 8 - Prob. 18.1EPCh. 8 - Prob. 18.2EPCh. 8 - The county collects taxes on behalf of the county,...Ch. 8 - Prob. 18.4EPCh. 8 - Prob. 18.5EPCh. 8 - At the date of the creation of the investment...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - Prob. 18.9EPCh. 8 - Prob. 18.10EPCh. 8 - Tax Custodial Fund. (LO8-2) The county collector...Ch. 8 - Special Assessment Debt. (LO8-2) Residents of...Ch. 8 - Identification of Fiduciary Funds. (LO8-2, LO8-3,...Ch. 8 - Investment Trust Fund. (LO8-3) The Albertville...Ch. 8 - Pass-through Custodial Funds. (LO8-2) Evergreen...Ch. 8 - Fiduciary Financial Statements. (LO8-4) Ray County...Ch. 8 - Fiduciary Fund Financial Statements. (LO8-4)...Ch. 8 - Prob. 26EPCh. 8 - Prob. 27EP
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Similar questions
- 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 4arrow_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_forwardVouchers payable denote: a. A future liability estimated when order is made b. Amount due to government from user charges c. A liability incurred when goods/services are received d. Amount payable by government on long term debts Question 2 Question text Which of the following is not an example of the function of an Agency Fund? a. Collection of property tax by one government unit for the other b. All the options listed c. Payment of interest and principle on long-term debt d. Collection of local government sales taxes by the state governmentarrow_forward
- 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.arrow_forwardIn a governmental fund, which one of the following constitutes revenue?a. Cash received from another fund of the same unitb. Bond proceedsc. Property taxesd. Refund on an invoice for fuelarrow_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
- A gift to a government company is recorded to Select one: a Permanent fund b. Special revenue fund c. General fund d. Debt service fundarrow_forwardWhich of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue fundsarrow_forwardWhich of the following adjustments is necessary to move from governmental fund financial statements to government-wide financial statements? a. Eliminate expenditures for debt principal b. Eliminate expenditures for capital outlay and add depreciation expense c. Both of the above d. Neither of the abovearrow_forward
- 6. Washington County assumed the responsibility of collecting property taxes for all governments within its boundaries. In order to reimburse the county for expenditures for administering the Tax Agency Fund, the Tax Agency Fund is to deduct 1.5 percent from the collections from the city and school district. The total amount deducted is to be added to the collections for the county and remitted to the County General Fund. You are to record the following transactions in the accounts of the Washington County Tax Agency Fund. 1. Current year tax levies to be collected by the Tax Agency Fund were:County General Fund -- $9,800,000Town of Samuels -- 6,200,000Washington County School District -- 9,600,000 2. In the first half of the year $4,120,000 was collected for the County General Fund, $3,456,000 for the Town and $4,608,000 for the School District. 3. Liabilities to all three units were recorded. Required: Record the transactions in the accounts of the Washington County Tax Agency Fund.arrow_forwardTaxes collected and held by Dunne County for a school district would be accounted for in which of the following funds? a. Trust b. Agency c. Special revenue d. Internal servicearrow_forwardWhich of the following funds does not get consolidated into the Governmental Activities section of the Statement of Net Position? A. Permanent B. Debt Service C. Internal Service D. Investment Trustarrow_forward
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