A government levies property taxes for general government activities of $800,000 for the current year and it expects to not be able to collect $80,000 of the property taxes. The government should credit Revenues--property taxes for $800,000.

Group of answer choices

True

False

A city receives a grant with only a time requirement that is accounted for in a Special Revenue Fund. The city receives $200,000 in the current fiscal year, but the grant proceeds cannot be used until the next fiscal year. The city would recognize $200,000 as intergovernmental grant revenues in the next fiscal year.

Group of answer choices

True

False