Q27:

A city levies $300,000 of property taxes for its current fiscal year, One percent of the tax levy is expected to be estimated discount on property taxes, The city collects $270,000 of its taxes during the year and another $25,000 during the first two months of the following year, What amount of property tax revenues should the city report in the General Fund financial statements for the current fiscal year?

a.

$295,000

b.

$300,000

c.

$297,000

d.

$270,000

Q28:

Blue City received a $15,000,000 federal grant to finance the construction of a center for rehabilitation of drug addicts, the proceeds of this grant should be accounted for in the

a.

Trust funds

b.

Capital projects funds

c.

General fund

d.

Special revenue fund