Residents of a neighborhood financed the installation of sidewalks through a note payable. The note was to be repaid through a special assessment tax on their properties. When is it appropriate to account for special assessment activities in custodial fund? In which fund should the special assessment tax receipts be reported if they do not meet the criteria for a custodial fund.
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D4.
Residents of a neighborhood financed the installation of sidewalks through a note payable. The note was to be repaid through a special assessment tax on their properties. When is it appropriate to account for special assessment activities in custodial fund? In which fund should the special assessment tax receipts be reported if they do not meet the criteria for a custodial fund.
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- Revenue from property taxes should be recorded in the General Fund: When received. When there is an enforceable legal claim. O When they are available for recognition. O In the period for which the resulting resources are required or permitted to be used. In the period in which the tax bills are mailed. Question 4Which one of the following transactions would typically not be recognized in the fiduciary fund? a. General operating expenditure b. Collection of general property tax c. None of the options d. Purchase of ambulance vehicles for government hospitalsWhat is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?
- 14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholdingA property owner after payment of taxes received tax abetment due to his commitments to a local regulations, this will be handled by a. Estimated discount on property taxes b. Allowance for uncollectible property taxes c. No need for adjustment d. Allowance for property tax refundWhat would be the appropriate account title for funds collected by a sales tax custodial fund? A. Sales tax revenue B. Other financing sources C. Additions-tax collections for other governments D. Sales taxes receivable
- In a governmental fund, which one of the following constitutes revenue?a. Cash received from another fund of the same unitb. Bond proceedsc. Property taxesd. Refund on an invoice for fuelis paying towards funding a school library, tax deductable? if so, how? please explain details.The journal entry to record the property tax levy Select one: A. is made when taxes are assessed and billings are sent to residents. B. is not made until the taxes are received. C. must include an entry to record deferred taxes. D. Both A and C are true. 0 O
- Which of the following constitute a tax and why? l Payment for driver’s license? l Payment for required (by government) house appraisal? l Payment for hotel use of 1% of bill to pay for city projects. l Payment for rental car use of 3% of bill to pay for the roads.What is the tax rate range for Social Security benefits received? How is the deductible amount of personal property tax figured for personal vehicles? Remember, the tax must be calculated based on the vehicle’s value (not its weight) in order to be deducted. Are donations of time and services deductible? What types of state and local taxes are deductible as itemized deductions on Schedule A?1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund. A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements? 15 degrees.