Author Question: When making its year-end entries, the city's accountant determines that 20,000 of the city's ... (Read 90 times)

tuffie · **on:** Jul 5, 2018

When making its year-end entries, the city's accountant determines that 20,000 of the city's remaining current property taxes receivable would not be collected within the first sixty days of the next fiscal year, but would be collectible later

in that year. At year-end, the city should report a 20,000 credit to:
a. revenues - property taxes
b. property taxes receivable - delinquent
c. deferred revenues - property taxes
d. allowance for uncollectible taxes

Question 2

Which of the following is an example of activities that are likely to be accounted for in a government's general fund?

a. business-type activities of government that are financed by user charges
b. sales taxes collected by a state on behalf of counties within the state
c. property taxes to be used to provide basic government services
d. donations that must be kept intact, but whose income must be used to beautify parks