Multiple Choice
Which of the following is true regarding revenue recognition for sales taxes, when reporting in the government-wide statements?
A) Assets are recognized when the underlying exchange retail sale) has occurred or when resources are received, whichever occurs first.
B) Revenues are recognized when the underlying exchange retail sale) has occurred.
C) Both of the above are true.
D) Neither of the above is true.
Correct Answer:
Verified
Correct Answer:
Verified
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