Multiple Choice
Under GAAP, license and permit fees should be recognized in the fund financial statements in the accounting period
A) when collected.
B) when collected, plus proceeds collected within 60 days of fiscal year-end.
C) when earned.
D) when earned, if collected within 60 days of fiscal year end.
Correct Answer:
Verified
Correct Answer:
Verified
Q7: As used in defining the term 'modified
Q9: For fund financial statements, the measurement focus
Q11: Under the accrual basis of accounting, derived
Q13: Under the accrual basis of accounting, fines,
Q15: Under GAAP, income tax revenues should be
Q16: A local governmental entity began the year
Q17: A city receives notice of a $200,000
Q54: Sales taxes are taxpayer assessed, that is,
Q55: Governmental activities tend to derive the majority
Q62: Income taxes are classified as ad valorem