A government levies property taxes of 2,500,000, 1 of which is expected to prove uncollectible. The property taxes should be reported in the General Fund statement of revenues, expenditures, and changes in fund balances as
a. revenues of 2,500,000 and expenditures of 25,000
b. revenues of 2,500,000 and other financing uses of 25,000
c. revenues of 2,475,000 and no expenditures or other financing uses.
d. other financing sources of 2,500,000 and expenditures of 25,000
Question 2
The Unearned Revenues account is an example of a liability.
a. True
b. False
Indicate whether the statement is true or false
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