Which Statement Most Accurately Reflects Property Taxes

question 82

Multiple Choice

Which statement most accurately reflects property taxes?

• A) Property taxes are derived tax revenues because property owners have the benefit of ownership.
• B) Property taxes are considered a special assessment by the governing agency.
• C) When recording property taxes, the receivable is recorded and the revenue is recognized when the government has an enforceable legal claim.
• D) When recording property taxes, the revenue is recognized in the period in which it can be used.
• E) Property taxes are the result of the government making an assessment, only when an underlying exchange has occurred.

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Definitions:

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