If a Government Forecloses on Property Because of Unpaid Taxes

question 19

Multiple Choice

If a government forecloses on property because of unpaid taxes in the General Fund and retains it for general government use, which of the following funds and/or accounts would most likely be affected by the transaction?

• A) General Fund only.
• B) General Capital Assets accounts only.
• C) General Fund and General Capital Assets accounts.
• D) General Capital Assets and General Long-Term Liabilities accounts.