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ACC 410 Quiz 3 (Strayer)

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ACC 410 Quiz 2

As used in governmental accounting, interperiod equity refers to a concept of

The modified accrual basis of accounting is used in presenting the fund financial statements of  the governmental funds because

Under the accrual basis of accounting, fines, license fees, permits, and other miscellaneous revenue are generally recognized

Under the accrual basis of accounting, property tax revenues are recognized

Under GAAP, license and permit fees should be recognized in the fund financial statements in the accounting period

Under the accrual basis of accounting, gains and losses on disposal of fixed assets

A city receives a $200,000 grant from the state to purchase vans to transport physically challenged individuals.  During  the current year the city receives the entire $200,000 and purchases one bus for $85,000 and issues a purchase order for another van for $80,000.  The grant revenue that the city should recognize on the government-wide financial statements in the current year isA City levies a 2% sales tax that is collected for them by the State.  Sales tax must be remitted by the merchants to the State by the 20th
day of the month following the month in which the sale occurred.  The State has a policy of remitting sales taxes to the City within 30 days of collection by the State.  Cash received by the State related to sales tax is as  follows:

Under the accrual basis of accounting used by a governmental entity, investment revenues for the current period should include

As used in defining the term ‘modified accrual basis of accounting’, available means

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:

Under GAAP, income tax revenues should be recognized in the government-wide financial statements in the accounting periodA city that has adopted a 12/31 fiscal year end has adopted a policy of recognizing property tax revenue consistent with the 60-day rule allowable period under GAAP.  Property taxes of $600,000 (of which none are estimated to be uncollectible) are levied in October 2000 to finance the activities of fiscal year 2001.  Property taxes are due in two installments June 20 and December 20.  Cash collections related to property taxes are as follows:

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 isA City levies a 2% sales tax that is collected for them by the State.  Sales tax must be remitted by the merchants to the State by the 20th
day of the month following the month in which the sale occurred.  The State has a policy of remitting sales taxes to the City within 30 days of collection by the State.  Cash received by the State related to sales tax is as  follows:

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