Answered: Which of the following accounts of a…

Which of the following accounts of a governmental unit is usually credited when taxpayers are billed for property taxes?a. Appropriationsb. Taxes Receivable—Currentc. Estimated Revenuesd. Revenues

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 15MCQ

See similar textbooks

Related questions

Q: Which of the following task is facilitated by Taxation Accounting? a. Tax preparation and tax…

A: Taxation accounting refers to the rules and policies, regulations used to generate tax assets and…

Q: At what point in time does a governmental fund report an expenditure?

A: Definition: Governmental (expendable) funds: Governmental (expendable) funds are used in the state…

Q: Describe the different taxes that government uses to collect revenue.

A: Describe the different taxes that government uses to collect revenue.

Q: What are the four classifications of nonexchange revenues that a state or local government can…

A: Revenue: Revenue refers to the income received from the business activity or sale of the output,…

Q: Is there a standard approach for determining when income and expenses are recognized in financial…

A: The creation of two statements – a statement of net assets and a statement of activities – is…

Q: In a governmental fund, which one of the following constitutes revenue?a. Cash received from another…

A: Tax: It refers to a financial obligation or charge that is imposed by the government on the income,…

Q: In a governmental fund, which of the following is considered an expenditure? a. The purchase of a…

A: Expenditure: It can be defined as a payment that is made either via cash or credit card to purchase…

Q: Which of the following adjustments is necessary to move from governmental fund financial statements…

Q: How have users’ needs impacted the development of accounting principles for state and local…

A: Accounting principles refers to the set of rules and regulations which companies must follow in…

Q: Property taxes levied on the citizens of the Hill County would most appropriately be budgeted in…

A: Property tax is a tax levied on property owned, for example by a company, by an individual or other…

Q: Revenues that are legally restricted to expenditures for specified purposes should be accounted for…

A: Revenue: It is the amount earned by a company or governmental organization on the delivery of goods…

Q: The modified accrual foundation of accounting should be explained. When preparing financial accounts…

A: Modified accrual basis of accounting: A modified accrual basis of accounting is a method of…

Q: True or False questions D. The government-wide financial statements report the economic resources…

A: There are two methods of recording accounting, Cash basis & accrual basis. Cash Basis Revenue…

Q: What measurement focus is used in government-wide financial statements, and what system is applied…

A: The "current resources focus" is the measurement focus which is used in fund financial statements…

Q: How are internal service funds reported on government-wide financial statements?

A: A government-wide financial statement is a comprehensive summary of all the major government funds,…

Q: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: Revenue from property taxes should be recorded in the General Fund: O When received. O When there is…

A: The revenues earned by the government or state from the taxes, fees, interest etc. are recorded in…

Q: Vouchers payable denote: a. A future liability estimated when order is made b. Amount due to…

A: Since multiple questions are asked, we will answer the first full question for you. You may repost…

Q: Differentiate national taxation and local taxation according to nature of power accounting period…

A: The taxation system of any country depends upon the revenue requirement and expenditures…

Q: Which of the following adjustments would likely be made when moving from governmental funds…

A: Government wide financial statement shows transactions for government based business. They measure…

Q: Explain t

A: Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting…

Q: A gift to a government company is recorded to Select one: a Permanent fund b. Special revenue fund…

A: Solution- Special Revenue Funds - these are used to account for those types of revenues that are…

Q: What are the two major divisions reported in government-wide financial statements? What funds are…

A: Two major divisions reported in government-wide financial statements: Business type activities…

Q: Government grants related to income are presented preferably as Other income in the income statement…

A: As per IAS 20 Accounting for government grant and disclosure of government assistance Government…

Q: State whether each of the following items should be classified as taxes, licences and permits,…

A: Sales and use taxes levied by the government should be classified as taxes. Payments by citizens for…

Q: 1) State whether each of the following items should be classified as taxes, licences and permits,…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: In recording its property tax assessment for the year, a county government estimates the amount of…

A: The financial statement includes: Income statement Balance sheet Cash flow statement Statement of…

Q: Which of the following items are included in the governmental activities column of the government-…

Q: How has the dual system of financial statements impacted the financial reporting of state and local…

A: Financial statement: Financial statements are prepared to summaries the account at the end of the…

Q: The primary revenue for local government is..... a. Income taxation b. Sales taxation c. Estate…

A: Revenue: It can be defined as the income received by an organization.

Q: Describe the modified accrual foundation for accounting. For what purposes does it appear in the…

A: Accounting on a modified accrual basis: The modified accrual basis of accounting is a form of…

Q: Government-wide financial statements make a distinction between program revenues and general…

A: The correct answer is 1. Program revenues are offset against the expenses of a specific function;…

Q: In the recording of a city’s budget, which one of the following accounts is debited? a.…

A: When a city's budget is recorded, estimated revenues account will be debited.

Q: Taxes collected and held by Dunne County for a school district would be accounted for in which of…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Why does a government determine the net expenses or revenues for each of the functions within its…

A: Revenue: Revenue refers to the income received from the business activity or sale of the output,…

Q: Explain the modified accrual foundation for accounting. In the context of governmental funds, why…

A: The modified accrual foundation of accounting is as follows: An accounting method known as the…

Q: Which financial statements are prepared using modified accrual accounting? A) Proprietary fund…

A: Modified accrual accounting is the one where a combination of both cash and accrual basis is being…

Q: organizations. Distinguish between accounting and financial reporting for state and lo governments…

A: A Voluntary Health and Welfare Organization (VHWO) is a non-profit organization dedicated to…

Question

Which of the following accounts of a governmental unit is usually credited when taxpayers are billed for property taxes?
a. Appropriations
b. Taxes Receivable—Current
c. Estimated Revenues
d. Revenues

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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

What 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
Why does a government determine the net expenses or revenues for each of the functions within its statement of activities?
The primary revenue for local government is..... a. Income taxation b. Sales taxation c. Estate taxation d. Property taxation
Is there a standard approach for determining when income and expenses are recognized in financial statements for governmental funds?
Explain the modified accrual accounting method. Why is it utilized in financial statements for government funds?
Which of the following accounts is debited to record the payment of employees' state income tax withholding? a. Employees' State Income Tax Payable b. Employees' State Income Tax Received c. Capital d. Cash
Revenue of the government is composed of tax and other source of income. * A. True B. False
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
What are the two objectives of accounting for income taxes identified by the FASB?
Differentiate national taxation and local taxation according to nature of power accounting period timing of accrual valuation of real property basis of business tax
A. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?
In recording its property tax assessment for the year, a county government estimates the amount of uncollectible taxes. How is this estimate reflected in the financial statements: An expenditure under General Government Operations. A credit to Taxes Receivable. A reduction in Property Tax Revenue. A debit to Estimated Uncollectible Taxes.