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    Recording Property Tax Revenue in the General Fund

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    Revenue from property taxes should be recorded in the General Fund

    a. When received
    b. In the period for which the taxes are levied
    c. At the time of eligibility
    d. When they are availabe for recognition
    e. In the period in which they are conusmed

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    Solution Preview

    Governmental Accounting Standards Board Statement No. 33 (Accounting and Financial Reporting for Nonexchange Transactions - Issued 12/98) defines imposed nonexchange revenues, as non-exchange revenues which result from assessments imposed on nongovernmental ...

    Solution Summary

    This solution discusses when revenue from property taxes should be recorded in a state or local government's general fund.