[seattleacct]

My Ninja audio says, do NOT net levied property taxes with estimated uncollectible taxes. However, the answer to this question is the netted amount. Am I missing a key point regarding when to net or not net?

The levied property taxes are $700k for year 1. $10,000 is estimated to be uncollectible. On the government-wide Statement of Activities prepared in accordance with GASB 34 … , what amount should be reported for property tax revenues for year?

The answer is $690,000. This is the netted amount.

I’m a little confused. Is this because it’s “government-wide?”

B:76
A:64, 73, 91!
R:77
F:76

CPAexcel, Wiley Test Bank, Ninja Audio & Notes

[kevinco]

The only difference between the gov't wide and the fund f/s is that the fund f/s only report resources available for ‘current financial' use. For property taxes, the fund statements report (not the amount levied) but the amounts received during the year and within 30 days after year end. The gov't wide however is on the modified accrual, therefore, property taxes are reported as the levied amount less any discounts and allowances

Boise State Alumni

05/08/13 FAR Passed - 80
07/09/13 AUD Passed - 96
10/10/13 REG Passed - 75
11/07/13 BEC 77!!! I am DONE!!!!!!!!
12/13/2013 Received my CPA license on my son's 6th birthday in the mail! My son is always a blessing!!

BS - Environmental Science
BBA - Accountancy

Becker Lectures and MCQs. Click on my avatar for my LinkedIn page.

[kevinco]

The only difference between the gov't wide and the fund f/s is that the fund f/s only report resources available for ‘current financial' use. For property taxes, the fund statements report (not the amount levied) but the amounts received during the year and within 30 days after year end. The gov't wide however is on the modified accrual, therefore, property taxes are reported as the levied amount less any discounts and allowances

Boise State Alumni

05/08/13 FAR Passed - 80
07/09/13 AUD Passed - 96
10/10/13 REG Passed - 75
11/07/13 BEC 77!!! I am DONE!!!!!!!!
12/13/2013 Received my CPA license on my son's 6th birthday in the mail! My son is always a blessing!!

BS - Environmental Science
BBA - Accountancy

Becker Lectures and MCQs. Click on my avatar for my LinkedIn page.

[lleon]

Thought govt wide was full accrual, and fund accounting was modified accrual.

wouldn't change the answer, but still, double check and make sure when statements are accrual and when they're modified accrual

Licensed in Arizona

[lleon]

Thought govt wide was full accrual, and fund accounting was modified accrual.

wouldn't change the answer, but still, double check and make sure when statements are accrual and when they're modified accrual

Licensed in Arizona

[kevinco]

Sorry mistyped, gov't wide is accrual and funds are modified accrual aka current financial resources

Boise State Alumni

05/08/13 FAR Passed - 80
07/09/13 AUD Passed - 96
10/10/13 REG Passed - 75
11/07/13 BEC 77!!! I am DONE!!!!!!!!
12/13/2013 Received my CPA license on my son's 6th birthday in the mail! My son is always a blessing!!

BS - Environmental Science
BBA - Accountancy

Becker Lectures and MCQs. Click on my avatar for my LinkedIn page.

[kevinco]

Sorry mistyped, gov't wide is accrual and funds are modified accrual aka current financial resources

Boise State Alumni

05/08/13 FAR Passed - 80
07/09/13 AUD Passed - 96
10/10/13 REG Passed - 75
11/07/13 BEC 77!!! I am DONE!!!!!!!!
12/13/2013 Received my CPA license on my son's 6th birthday in the mail! My son is always a blessing!!

BS - Environmental Science
BBA - Accountancy

Becker Lectures and MCQs. Click on my avatar for my LinkedIn page.

[Author]

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