Author Question: When a tax lien is formalized, a government must record an allowance for uncollectible tax liens ... (Read 56 times)

newyorker26 · **on:** Jul 6, 2018

When a tax lien is formalized, a government must record an allowance for uncollectible tax liens

A. In every possible situation.
B. Only if the expected salable value of the property against which the lien was established is less than the fair value of the property.
C. Only if the expected salable value of the property against which the lien was established is less than the total amount of the liens receivable against that property.
D. Only if the lien is contested in court.

Question 2

As part of a government's basic financial statements and required supplementary information, a budgetary comparison statement or schedule should be presented as

a. a basic financial statement.
b. required supplementary information.
c. a note to the financial statements.
d. Either items a or b