A governmental unit levies taxes of $3,000 for the general fund. It expects to collect the full amount in the current fiscal year for which the taxes were levied, with the exception of an estimated uncollectible portion of $25. What amount of tax revenues should the government report for this fund? A. $2,975 B. $3,000 c C. $3,025 D. $3,250 Smit Answer A government purchased a piece of equipment for a business-type activity. The government paid $90,000 cash down and signed a 5-year note for the balance of the cost of the equipment. This transaction will impact which of the following accounting entities? A. A governmental fund B. A proprietary fund C. A governmental fund and the GCA GLTL accounts D. The GCA GLTL accounts Sumit Answers For external financial reporting purposes, what level of classification detail must be presented for governmental fund expenditures in a government's budgetary comparison statements or schedules? A. Departmental unit classifications, as well as function or program B. Depends upon the classification detail adopted in the government's budget C. Function or program level only D. Object of expenditure classifications Submit Answers