Author Question: Applications such as ANSI (X12) and EDIFACT are referred to as transaction software. Indicate ... (Read 121 times)

TVarnum · **on:** Jul 5, 2018

Applications such as ANSI (X12) and EDIFACT are referred to as transaction software.
Indicate whether the statement is true or false

Question 2

If a taxpayer fails to pay his property taxes on time and the city decides to foreclose the property, what accounting entry should the city make?

a. write off the property tax receivable as uncollectible
b. reduce property tax revenues by the amount of the receivable
c. reclassify the property tax receivable account to a delinquent receivable account
d. reclassify the property tax receivable account to a tax lien receivable account