In the space provided, indicate whether each of the following items should be classified as taxes (T),
Question:
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 use of the city pool.
3. Building permits to construct a deck at a residence.
4. Traffic tickets.
5. Federal community development block grant.
6. Donation of bonds to the city by a wealthy resident.
7. Charges to a local university for extra city police protection during sporting events.
8. Barbers and hairdressers’ registration fees.
9. Income from space rented to a not-for-profit organization.
10. A state grant for low-income housing assistance.
Step by Step Answer:
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely