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...
-
How different is the NEO Window Shopping script from the traditional window shopping script? How many different analogous scripts would consumers have to draw on to build their expertise in using the...
-
For many years, marketers have focused upon consumers between the ages of 18 and 34 to promote products. Marketers feel that wooing consumers early in life will ensure that they become lifetime loyal...
-
What was Facebooks accounting effective tax rate for 2018? What items caused the companys accounting effective tax rate to differ from the hypothetical tax rate of 21 percent? What was the companys...
-
49. Given A. 24 25 22 27 B. 25 B. C. 24 27 sine- 7 25, which is in quadrant I, find csce D.-24
-
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.
-
We will find later (with separation of variables) that the solution for Newton's law of cooling with initial condition H(0) is H(t) = A + [H(0) - A]e-t. For each set of given parameter values, a....
-
Assume that you have just come to a settlement agreement with your insurance companyThey have agreed to a structured settlement where they will make a total of 37 payments of $1,450 each over the...
-
What constant growth rate in dividends is expected for a stock valued at $37.82 if a $4.00 dividend has just been paid and the discount rate is 15%? 2) What should be the price of a common stock...
-
ABC Database 1.Write a query to retrieve customer name, order date, order status using joins. 2. Write a query to retrieve customer name, order date, order status without using joins. 3. Write a...
-
Bart and Millhouse own a small factory that manufactures rubber snakes used to scare away birds from houses, gardens and playgrounds. A recent and unexplained increase in the bird population in...
-
a. How large is the money supply (M1)? b. How much excess reserves are there? Instructions: Round your response to two decimal places. c. What is the money multiplier? d. What is the available...
-
In 2013, York Company sold land for $95,000 cash. The land had originally cost $60,000. Also, York sold inventory that had cost $120,000 for $210,000 cash. Operating expenses amounted to $36,000....
-
What is the order p of a B + -tree? Describe the structure of both internal and leaf nodes of a B + -tree.
-
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?
-
It's important to know the unmodified report and the different modified reports for the audit of financial statements. You must also recognize situations that would require a modified opinion....
-
Practice assignment Problem 4 Payroll Liabilities 2 Journal Entries Below is payroll information for Glaser Company for the pay period ending. September 30th Prepare the 2 Journal entries needed...
-
Since 1981, family-owned Southern Tool has grown into the ultimate destination for hard working do-it-yourselfers and professionals. Southern Tool Corporation has two divisions: Hand Tools and Power...
Study smarter with the SolutionInn App