Multiple Choice
A county collects property taxes not only for itself, but also on behalf of all cities within the county. What type of fund should the county use to account for the property taxes held for the cities?
A) Private Purpose Trust Fund
B) Custodial Fund
C) Special Revenue Fund
D) Investment Trust Fund
Correct Answer:
Verified
Correct Answer:
Verified
Q19: Capital asset acquisitions are always financed with
Q20: Governmental accounting normally<br>A) Uses separate funds to
Q21: Property taxes are recognized as revenues in
Q22: Governmental-type funds use the current financial resources
Q23: For financial reporting purposes, operating transfers from
Q25: Enterprise Funds are financed to some degree
Q26: For financial reporting, current assets and liabilities
Q27: All the long-term debt of a government,
Q28: A General Fund has total liabilities in
Q29: To determine whether they have obtained sufficient