Q1 Estimated discount on property taxes is considered to be assets contra account

a.

TRUE

b.

FALSE

According to GASB standards relating to budgetary accounting, budgetary comparisons should be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.

a.

TRUE

b.

FALSE

Estimated losses on uncollectible taxes receivable should be accounted for as an allowance for uncollectible accounts and bad debt expense.

a.

False

b.

True