Multiple Choice
The general fund of Gillette levied property taxes of $400,000 on November 1,20X8.However,the property taxes are not collectible until May and August of 20X9.Assume Gillette reports on the calendar year.On Gillette's general fund balance sheet at December 31,20X8,the property taxes levied on November 1 should:
A) be reported as an asset and as a decrease in unassigned fund balance.
B) be reported as an asset and as an increase in unassigned fund balance.
C) be reported as an asset and as a reservation of fund balance.
D) be reported as an asset and as a deferred revenue.
Correct Answer:
Verified
Correct Answer:
Verified
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