Please provide the the multiple chose response and justification for Question 1, parts 1-4.

1.)

1. Each of the revenues from below is an example of which class of nonexchange transactions?

Fines from noncompliance with building codes: _____ Tax on the rental of hotel rooms: derived revenue: _____

A. Derived revenue imposed revenue

B. Imposed revenue imposed revenue

C. derived revenue derived revenue

D. imposed revenue derived revenue

2. The general fund of the village of roscoe budgets revenues from many sources, two of which are:

1. • Amusement tax - a tax added to the cost of tickets to professional sporting events

   • Vehicle stickers - all citizens of the city who own cars or trucks must purchase this sticker and display it in the windshield

Which class of nonexchange transactions does each revenue belong to?

A. Amusement Tax: imposed revenue Vehicle Sticker:derived revenue

B. Amusement Tax: derived revenue Vehicle Sticker: imposed revenue

C. Amusement Tax: derived revenue Vehicle Sticker: derived revenue

D. Amusement Tax: imposed revenue Vehicle Sticker: imposed revenue

3. Governmental funds report current financial resources. However, governmental funds may report some assets which are neither current nor financial resources. Which of the assets below are either not current or not financial resources at December 31, 2019?

A. prepaid insurance that will expire in October, 2020

B. Advances to other funds that are collectible in november 2020

C. A and B

D. Neither A nor B

4. During the year ended December 31, 2019, the village of crest hill reported the following information related to its share of the States sales tax:

Amount received during 2019 from state treasurer, for retail sales made in hill city during 2019: 1050,000

Amount held by the state treasurer at December 31, 2019, for retail sales tax made in Hill city up through June 30, 2019: 250,000

The state treasurer notified the finance director of crest hill that 175,000 of the 250,000 would be released to the city by March 1, 2020 with the remaining funds being released in April 2020. Hill City uses the same period to define "available" for shared revenues as the period it uses for property taxes. Which of the following statements is correct?

A. Deferred inflows of resources are a form of liability that is unique to the government funds.

B. The revenue from property taxes is recognized in the period when an enforceable legal claim arises or when resources are received, whichever occurs first.

C. A. and B.

D. Neither A nor B

Thank you.