Solved by verified expert :• Question 1Under the modified accrual basis of accounting, fines, license fees, permits, and other miscellaneous revenue are generally recognized• Question 2 Under GAAP, income tax revenues should be recognized in the government-wide financial statements in the accounting period • Question 3 Under GAAP, property taxes levied in one fiscal period to finance the activities of the following fiscal period are recognized as revenue in the fund financial statements • Question 4 A city receives notice of a $200,000 grant from the state to purchase vans to transport physically challenged individuals. Although the city did not receive any of the grant funds during the current year, the city purchased one bus for $85,000 and issues a purchase order for another van for $80,000. The grant revenue that the city should recognize in the government-wide financial statements in the current year is • Question 5 As used in defining the term ‘modified accrual basis of accounting’, available means • Question 6 Under the modified accrual basis of accounting, the amount of property tax revenues that should be recognized by a governmental entity in the current year related to the current year levy will be • Question 7 Under GAAP, income tax revenues should be recognized in the fund financial statements in the accounting period • Question 8 Under the accrual basis of accounting, gains and losses on disposal of fixed assets • Question 9 Under GAAP, property taxes levied in one fiscal period to finance the activities of the following fiscal period are recognized as revenue in the government-wide financial statements • Question 10 As used in governmental accounting, interperiod equity refers to a concept of • Question 11 Under the modified accrual basis of accounting, derived nonexchange revenues are recognized by a governmental entity as revenue • Question 12 During 2000, the city issued $300 in fines for failure to keep real property in ‘acceptable’ condition. During that period the city spent $200 to mow and clean up the unoccupied properties for which the fines were assessed. The city estimates that $30 of the fines issued in 2000 will be uncollectible. During 1999 the city collected $230 related to 2000 fines and $20 related to 1999 fines. The amount of revenue that the city should recognize in its 2000 fund financial statements related to fines is • Question 13 Unrestricted grant revenues with a time requirement should be recognized in the accounting periodin which • Question 14 Under GAAP, license and permit fees should be recognized in the fund financial statements in the accounting period • Question 15 A City levies a 2% sales tax. Sales tax must be remitted by the merchants to the City by the 20th day of the month following the month in which the sale occurred. Cash received by the City related to sales tax is as follows: Amount received 1/20/00, applicable to December 1999 sales $ 50 Amount received 2/20/00, applicable to January 2000 sales $ 15 Amount received during 2000 related to February-November 2000 sales $200 Amount received 1/20/01 for December 2000 sales $ 55 Amount received 2/20/01 for January 2001 $ 20 Assuming the City uses the same period to define “available” as the maximum period allowable for property taxes, what amount should it recognize in the fund financial statement as sales tax revenue for the fiscal year ended 12/31/00.
Expert answer:Strayer ACC 410 Gov’t, NonProfit Acc 410 Ch 4 Quiz
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