[zakahracw]

Property taxes levied in fiscal year Year 1 to finance the general fund budget of fiscal year Year 2 should be reported as general fund revenues in fiscal year Year 2:

a. For the amount collected in fiscal year Year 2 only.

b. Regardless of the fiscal year in which collected.

c. For the amount collected before the end of fiscal year Year 2 or shortly thereafter.

d. For the amount collected before the end of fiscal year Year 2 only.

So the answer is c., which after awhile seems like the best answer right. Well I know we record revenues when measurable and available however what would the year 1 levied taxes be recorded? I assumed Dr. Accounts receivable Cr. Revenue, but clearly that’s not it, cause the revenue isn’t available. So what would it be for year 1. Would it be unearned revenue?

Would it even be recorded?

~Z

"Live your Best Life"

[Whopper Warrior]

yr levied

taxes receivable xxx

deffered tax revenue xxx

collections

cash xxx

taxes receivable xxx

yr used to finance budget

deffered tax revenue xxx

tax revenue xxx

if I remember correctly

ALL 4 parts passed summer 13
Ethics October 13
Experience (waiting)

Becker Only

[Whopper Warrior]

yr levied

taxes receivable xxx

deffered tax revenue xxx

collections

cash xxx

taxes receivable xxx

yr used to finance budget

deffered tax revenue xxx

tax revenue xxx

if I remember correctly

ALL 4 parts passed summer 13
Ethics October 13
Experience (waiting)

Becker Only

[Author]

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