Multiple Choice
A city considers annual revenues from fines to be immaterial. Under the circumstances, the city
A) Must make a year-end accrual for unpaid fines
B) Must account for fines the same way it accounts for property taxes
C) May account for fines on the cash basis of accounting
D) Must make an accrual for unpaid fines if it is measurable
Correct Answer:
Verified
Correct Answer:
Verified
Q2: General Fund activities are financed primarily through
Q3: When goods that were ordered using a
Q4: A tax roll for property taxes serves
Q5: Governments record revenues for levied property taxes
Q6: The Village of Walton borrowed $500,000
Q7: An expenditure for salaries should be recorded
Q8: In the General Fund, interest on short-term
Q9: Interest on outstanding tax anticipation notes should
Q10: Prepare journal entries to record the
Q11: A city had placed a purchase order