A City purchased investment in bonds on Jan 1, 20X6 for $150,000 The Fair Value of the bonds at Dec 31, 20X6 was $175,000 The entries for 20X6 are A Dec 31 debit investment $175,000 and credit cash $175,000 B No entries needed C Jan 1 debit investment $150,000 and credit cash $150,000 ,Dec 31 debit investment $25,000 and credit revenues increase in fair value $25,000 D Jan 1 debit investment $150,000 and credit cash $150,000 2) Which of following governmental fund revenues are typically recognized only as cash is collected Sales Tax Property Tax Intergovernmental Grants Speeding Fines 3)Which criteria are sufficient for grant revenues to be recognized in a governments General Fund Cash must be collected by year end Cash must be received by year end or within not more than 60 days (or shorter period specified by policy) after the end of the fiscal year The eligibility criteria for the grant must be met, and cash must be collected within not more than 60 days after the end of the fiscal year Only the eligibility criteria must be met 4)Property tax billed but not collected by the end of the fiscal period or within 60 days following the end of the fiscal period should be reported as deferred revenues, a deferred outflow of resources omitted, no journal required reported as revenues as long as the taxes are to be expected to be collected within the next year reported as deferred revenues, a deferred inflow of resources 5)A Government levied Property Taxes on June 1, 20X8 for $500,000 of which 1 is uncollectible The taxes levied are for the fiscal year end June 30, 20X9 What is the revenue the Government will report for its fiscal year end June 30 20X8 $505,000 $0 $495,000 $500,000 6) Wakefield Village levies $1,000,000 in property taxes at the beginning of its fiscal year 2 is deemed uncollectible The entry to record the tax levy is No entry required debit taxes receivable $980,000 credit tax revenues $980,000 debit taxes receivable $1,000,000 credit tax revenues $1,000,000 debit taxes receivable $1,000,000 credit tax revenues $980,000 credit allowance for uncollectible taxes $20,000

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A City purchased investment in bonds on Jan 1, 20X6 for $150,000. The Fair Value of the bonds at Dec 31, 20X6 was $175,000. The

A City purchased investment in bonds on Jan 1, 20X6 for $150,000. The Fair Value of the bonds at Dec 31, 20X6 was $175,000. The entries for 20X6 are

A. Dec 31: debit investment $175,000 and credit cash $175,000

B. No entries needed

C.Jan 1: debit investment $150,000 and credit cash $150,000 ,Dec 31: debit investment $25,000 and credit revenues - increase in fair value $25,000

D. Jan 1: debit investment $150,000 and credit cash $150,000

2) Which of following governmental fund revenues are typically recognized only as cash is collected?

Sales Tax

Property Tax

Intergovernmental Grants

Speeding Fines

3)Which criteria are sufficient for grant revenues to be recognized in a governments General Fund?

Cash must be collected by year end.
Cash must be received by year end or within not more than 60 days (or shorter period specified by policy) after the end of the fiscal year.
The eligibility criteria for the grant must be met, and cash must be collected within not more than 60 days after the end of the fiscal year.
Only the eligibility criteria must be met.

4)Property tax billed but not collected by the end of the fiscal period or within 60 days following the end of the fiscal period should be

reported as deferred revenues, a deferred outflow of resources
omitted, no journal required
reported as revenues as long as the taxes are to be expected to be collected within the next year
reported as deferred revenues, a deferred inflow of resources

5)A Government levied Property Taxes on June 1, 20X8 for $500,000 of which 1% is uncollectible. The taxes levied are for the fiscal year end June 30, 20X9. What is the revenue the Government will report for its fiscal year end June 30 20X8?

$505,000
$0
$495,000
$500,000

6) Wakefield Village levies $1,000,000 in property taxes at the beginning of its fiscal year. 2% is deemed uncollectible. The entry to record the tax levy is:

No entry required
debit taxes receivable $980,000; credit tax revenues $980,000
debit taxes receivable $1,000,000; credit tax revenues $1,000,000
debit taxes receivable $1,000,000; credit tax revenues $980,000; credit allowance for uncollectible taxes $20,000