When a Tax Agency Fund is used, the governmental funds in which the taxes should ultimately be
Question:
When a Tax Agency Fund is used, the governmental funds in which the taxes should ultimately be accounted for should report tax revenues
a. when levied.
b. when received by year-end or not more than 60 days thereafter.
c. in the year for which the taxes are levied or later.
d. when both b and c are true.
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In the case of a Tax Agency Fund the correct answer is c in the year for which the taxes are levied ...View the full answer
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Related Book For 
Governmental And Nonprofit Accounting Theory And Practice
ISBN: 9780132552721
9th Edition
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,
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