Question: 3-19. Classifying Revenues. (LO3-4) In the space provided, indicate whether each of the following items should be classified as taxes (T), licenses and permits (LP),
-19. Classifying Revenues. (LO3-4) In the space provided, indicate whether each of the following items should be classified as taxes (T), licenses and permits (LP), intergovernmental revenues (I), charges for services (CS), fines and forfeits (FF), or miscellaneous revenues (M) in a governmental fund. 1. Sales and use taxes levied by the government. 2. Payments by citizens for library cards. 3. Building permits for a homeowner to remodel her house. 4. Escheat property obtained during the year. 5. Federal community development block grant. 6. Fees for added law enforcement during a parade sponsored by a notfor-profit organization. 7. Liquor license issued to a local restaurant. 8. Parking tickets. 9. State transportation grant. 10. Interest earned on a short-term investment
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
