Author Question: A government levies property taxes of 2,500,000, 1 of which is expected to prove uncollectible. The ... (Read 66 times)

storky111

  • Hero Member
  • *****
  • Posts: 561
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



triiciiaa

  • Sr. Member
  • ****
  • Posts: 349
Answer to Question 1

C

Answer to Question 2

True



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

For a complete list of videos, visit our video library