Assume That a County with a June 30 Fiscal Year

question 15

Multiple Choice

Assume that a county with a June 30 fiscal year end levied $900,000 in special assessments to finance debt service on a special assessment debt issuance. The levy date was January 20X1. The levy is to be paid by the property owners over a 10-year period beginning in January 20X2. The amount of revenue recognized by the county in the Debt Service Fund as of June 30, 20X1 would be

• A) $900,000.
• B) $90,000.
• C) $0.
• D) Tax and special assessment revenues are never recognized in a Debt Service Fund.

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Definitions:

Cost Reduction

Strategies and actions taken to lower the expenses involved in operating a business or producing goods and services without compromising quality or performance.

Incoming Goods

Refers to materials or products that are received by a warehouse or a production facility from suppliers.

JIT Partnership Goals

Objectives aimed at implementing Just-In-Time manufacturing principles, focusing on reducing inventory and waste while improving efficiency and responsiveness.

In-Transit Inventory

Goods and materials that are in the process of being transported from one location to another, but have not yet reached their final destination.