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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
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
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
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,
Question Posted:
Students also viewed these Business questions
-
Which is true regarding the bottom-up approach to budgeting expected project costs? A. The bottom-up approach allocates the overarching budget across the work packages. B. The bottom-up approach...
-
Multiple Choice Questions Identify the best answer for each of the following: 1. Which of the following must be prepared for Agency Funds as part of a governments Basic Financial Statements? a....
-
Multiple Choice Questions Identify the best answer to each question: 1. Each of the following criteria is a factor when determining Special Revenue Fund property tax revenue recognition except: a....
-
Communication: What are the characteristics of effective communication relevant to your team project submission? Relate to theory. Provide a minimum of 4. ( 8 ) Assess your communication...
-
Roan Paper Co. produces the paper used by wallpaper manufacturers. Roan's four-stage process includes mixing, cooking, rolling, and cutting. On March 1, the Mixing Department had 300 rolls of paper...
-
The cheetahs in Figure 23.26 are among the roughly 20,000 of these sleek, swift cats left in the world. One reason cheetahs have become endangered is that about 10,000 years ago cheetahs experienced...
-
Let the continuous random variable \(X\) denote the current measured in a thin copper wire in milliamperes. Assume that the range of \(X\) is \([4.9,5.1] \mathrm{mA}\), and assume that the...
-
Bergamo Bays computer system generated the following trial balance on December 31, 2015. The companys manager knows something is wrong with the trial balance it does not show any balance for work in...
-
A uniform beam of length 10 m and mass 100 kg is supported by pylons on either end. A 200 kg box is centered at 5 m from the left end of the beam. What is the downward force on the left most pylon?
-
Which of the following statements is not required to be presented for an Investment Trust Fund? a. Statement of net assets. b. Statement of changes in net assets. c. Statement of cash flows. d. All...
-
Which of the following accounts typically would be used by an Agency Fund? a. Revenue. b. Notes receivable. c. Bonds payable. d. Cash.
-
Write a letter from the employer to Phan explaining the reasons he will not be hired for the job. Write a letter from Phan to the employer explaining why he should be hired.
-
What is the value to services marketers of the concept of flow? Are there any important differences between application of the concept in online and offline environments? What ethical issues are...
-
(a) Compute the reactions in Figure P9.42. For all members, \(E=4000 \mathrm{ksi}\) and \(I=1000\) in. \({ }^{4}\). Spring \(C D\) has a stiffness of \(5 \mathrm{kips} / \mathrm{in}\). (b) Compute...
-
When United States military forces entered Pakistan for the express purpose of invading the al Qaeda compound in Abbottabad and either capturing or killing Osama bin Laden, they were not concerned...
-
What are the objectives of monetary policy?
-
Universities have engaged in distance learning for many years, but from around 2010 a potentially game-changing development appeared in universities business environment MOOCs, or Massive Open...
-
Do all transactions by U.S. companies with foreign parties require special accounting procedures by the U.S. companies? Explain.
-
What are the typical record-at-a-time operations for accessing a file? Which of these depend on the current file record?
-
Why is it important for movie studios to have accurate costs for each movie produced?
-
How does a job costing system help a company evaluate the profitability of jobs?
-
Refer to the dialogue between Dan and Leslie at Custom Furniture Company that appears at the beginning of the chapter. What is Dan concerned about, and how did Leslie propose to help?
-
Calculate the sum of the currents at each junction And the sum of the voltage around each loop Table 1: Switch Closed Resistor R R-100 V P (ohms) (volts) (milliamps (milliwatts R-100 R-50 R1 102.2...
-
Make a linear graph of your experimental data Moving Tension experimental (y-axis) vs. Moving Tension predicted (x-axis). What is the slope m and the slope's uncertainty of your graph? Report your...
-
At December 31, 2022, Palestine Commercial Bank reports the following balance sheet information: Current assets $800,000 Noncurrent assets 2,600,000 Goodwill 300,000 Current liabilities (700,000)...
Study smarter with the SolutionInn App