Q37:

Which of the following revenues of the general fund are usually recorded before they are actually received:

a.

Sales taxes

b.

Property taxes

c.

Fines and penalties

d.

Parking meter receipts

Q38:

Under the accrual basis, capital assets are recorded as assets and depreciated, under the modified accrual basis, capital assets are recorded as expenditures when acquired, and are not depreciated.

a.

TRUE

b.

FALSE