Read chapter $4$: Recognizing Revenues in Governmental Funds and answer the following questions:

$1.$ What is the difference between an exchange and a nonexchange transactions?

$2.$ What are the main categories of revenues per GASB Statement No$.33,$ Accounting and Financial Reporting for Nonexhange Transactions?

$3.$ What criteria must be meet before revenues can be recognized on a modified accrual basis? What is the rationale for these criteria?

$4.$ What is the rule for recognizing property taxes as revenue? How would property taxes be accounted for differently in the fund statements, as opposed to in the government$-$wide statements?

$5.$ What is meant by "deferred inflow of resources"? Provide an example of when a government might credit such as an account.