Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 5, Problem 2.1E
To determine
Identify the correct answer that is not a criterion for determining the revenue under Special Revenue Fund property tax.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
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 4
Among the following transactions:
municipal bond income.
accrual of a loss contingency.
a balance in the Unearned Rent account at year end.
a fine resulting from violations of regulations.
Which one(s) will result in a permanent difference in pretax financial income and taxable income? Enter 1, 2, 3, or 4 that represents the correct answer.
b & c.
d only.
a & d.
a, c, & d.
Which of the following statements about extensions of time to file certain business income tax returns is true?
a)It is required of mostentities to us e electronic funds transfer to make all federal tax deposits.
b) The IRS will send taxpayers a notification if their request for an extension is approved.
c) Property filing the form wil not automatically give taxpayers the maximum extension of time to file allowed.
d) The maximum extension of the to file allowed from the due date of the taxpayer's business return is generally three months.
Chapter 5 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - The term deferred revenues seems out of place in...Ch. 5 - Governments often collect cash or must record...Ch. 5 - Modified accrual basis revenue recognition is...Ch. 5 - (a) Should estimated uncollectible amounts of...Ch. 5 - (a) What are expenditure-driven intergovernmental...Ch. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - During the course of your audit of a city, you...
Ch. 5 - Prob. 11QCh. 5 - Prob. 1.1ECh. 5 - Prob. 1.2ECh. 5 - Prob. 1.3ECh. 5 - Prob. 1.4ECh. 5 - What would the answer be to number 4 if the city...Ch. 5 - A county received 3,000,000 from the state. Of...Ch. 5 - A Special Revenue Fund expenditure of 40,000 was...Ch. 5 - A state received an unrestricted gift of 80,000 of...Ch. 5 - Prob. 1.9ECh. 5 - Prob. 1.10ECh. 5 - Prob. 2.1ECh. 5 - Prob. 2.2ECh. 5 - Prob. 2.3ECh. 5 - Prob. 2.4ECh. 5 - Prob. 2.5ECh. 5 - Prob. 2.6ECh. 5 - Prob. 2.7ECh. 5 - Prob. 2.8ECh. 5 - Prob. 2.9ECh. 5 - Prob. 2.10ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - a. Prepare the general journal entries to record...Ch. 5 - Prob. 6ECh. 5 - Prepare general journal entries to record the...Ch. 5 - Prob. 8ECh. 5 - The City and County of PreVatte received a state...Ch. 5 - Make all required General Fund journal entries for...Ch. 5 - The city of Asher had the following transactions,...Ch. 5 - 1. The following are the estimated revenues for a...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 1CCh. 5 - Prob. 2C
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following statements are correct? i. A VAT invoice should be pre-numbered and must show the: - Words “Tax Invoice” (shown prominently) ii. A VAT invoice should display the total amount of the consideration and the VAT. iii. A VAT invoice should display the name and address of the registered taxpayer to whom the taxable supply is made. iv. A VAT invoice should display the date of the taxable supply. a. All of the above b. i, ii and iv c. i only d. i, and iiiarrow_forwardAn example of intraperiod income tax allocation is a. Reporting an extraordinary item in the income statement, net of direct tax effects. b. Interest income on municipal obligations. c. Estimated expenses for major repairs accrued for financial statement purposes in one year, but deducted for income tax purposes when paid in a subsequent year. d. Rental income included in income for income tax purposes when collected, but deferred for financial statement purposes until earned in a subsequent year.arrow_forwardProperty tax revenue recorded in the governmental funds may differ from the amount recorded at the government-wide level in any given year. True or Falsearrow_forward
- What makes the refund of state taxes taxable on the federal tax return? a. moving to Texas before your refund gets sent to you b. paying state taxes the year before and getting a refund c. claiming taxes as an itemized deduction and using standard deduction d. claiming taxes as an itemized deduction and itemizingarrow_forwardIdentify deferred tax assets/liabilities of this year and previous yearin this figure and explain on what basis it is recognisedarrow_forwardA 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 refundarrow_forward
- a) Explain the difference between pretax financial income and taxable income. b) What are the two objectives of accounting for income taxes? c) Interest on governmental bonds is often referred to as a permanent difference when determining the proper amount to report for deferred taxes. Explain the meaning of permanent differences, and give two other examples. d) Explain the meaning of a temporary difference as it relates to deferred tax computations, and give four examples. e) Bridgeton Company started its operations at the beginning of 2018. The following information relates to its operations for the year. The differences between the 2018 income statement and tax return are listed below: Fines incurred for pollution violations of $7,320 were deducted in computing pretax financial income. Warranty expense accrued for financial reporting purposes amounts to $15,910. Warranty deductions per the tax return amount to $8,730. Interest revenue earned on an investment in tax-exempt bonds…arrow_forwardDescribe the types of temporary differences that cause deferred tax assets and determine the amounts needed to record periodic income taxes.arrow_forwardRecognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment of an income tax refund receivable. Only a note to the financial statements. The establishment of a deferred tax liability. O The establishment of a deferred tax asset.arrow_forward
- Do Interpretation of the data given below in a professional manner. 1. Income from property. – (1) The rent received or receivable by a person [for] a tax year, other than rent exempt from tax under this Ordinance, shall be chargeable to tax in that year under the head "Income from Property". (2) Subject to sub-section (3), "rent" means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building. (3) This section shall not apply to any rent received or receivable by any person in respect of the lease of a building together with plant and machinery and such rent shall be chargeable to tax under the head "Income from Other Sources". [(3A) Where any amount is included in rent received or receivable by any person for the provision of amenities, utilities or any other service connected with…arrow_forwardThe 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 Oarrow_forwardWhich of the following is a deductible California expense subject to a 2% of adjusted gross income limitation? Adoption-related expense. Casualty and theft losses. Gambling losses. Tax preparation fees.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Chapter 19 Accounting for Income Taxes Part 1; Author: Vicki Stewart;https://www.youtube.com/watch?v=FMjwcdZhLoE;License: Standard Youtube License