Under GAAP, Income Tax Revenues Should Be Recognized in the Fund

question 30

Multiple Choice

Under GAAP, income tax revenues should be recognized in the fund financial statements in the accounting period

• A)when collected in cash by the taxing authority.
• B)in which the underlying income was earned, regardless of when collected.
• C)in which the underlying income was earned, if collected in time to satisfy the budgetary obligations of the preceding year.
• D)when earned.

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Definitions:

Environmental Influences

The impacts of external factors from one's surrounding environment, such as society, culture, and physical surroundings, on an individual's behavior, decisions, and well-being.

Epigenetic Mark

Chemical modifications to DNA or histone proteins that affect gene expression without altering the DNA sequence.

Environmental Influence

Factors in an individual's surroundings that impact their development, behavior, and lifestyle.

Dizygotic Development

The biological process that leads to the birth of two fraternal twins from two separate eggs fertilized by two different sperm.