Multiple Choice
Which of the following is true regarding revenue recognition for property taxes, when reporting in the government-wide statements?
A) Assets are recognized when an enforceable legal claim has arisen or when resources are received, whichever is first.
B) Revenues are recognized when measurable and available; that is, when collected during the current period or no more than 60 days after the end of the current period.
C) Both of the above are true.
D) Neither of the above is true.
Correct Answer:
Verified
Correct Answer:
Verified
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