19. Under the modified accrual basis of accounting, GASB standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected: A) After fiscal year end. B) More than 30 days after fiscal year end. C) More than 60 days after fiscal year end. D) More than 90 days after fiscal year end. 20. Inter-fund Transfers are flows of cash or other assets that: A) Require repayment. B) Are an exchange between funds of equal value. C) Are taxable. D] Do not require repayment. 21. According to GASB Statement No. 54 an unassigned fund balance is A)The residual category for the General Fund. B)The only category of Fund balance that may not be reported as a negative number. C)The designation given for rainy day funds D)None of the above 22. The City of Pine Cove levied property taxes for the fiscal year ended June 30, 2014 in the amount of $9,000,000. It is estimated that 2% will not be collected. During the year ended June 30, 2014, $8,100,000 in property taxes was collected. It is estimated that $400,000 will be collected during the next 60 days, $365,000 will be collected after 60 days, and $130,000 will not be collected. What is the maximum amount Pine Cove can recognize as property tax revenue for the fiscal year ended June 30, 2014 in its Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances assuming there were no unpaid property taxes at the end of the previous year? A) $9,000,000. B) $8,865,000. C) $8,500,000. D) $8,100,000. 23. Governmental fund financial statements are to be prepared on the A) Accrual basis of accounting B) Cash basis of accounting. C) Modified accrual basis of accounting D) Tax basis of accounting