How Should Taxes Collected in Advance in Fiscal Year 20X3

question 25

Multiple Choice

How should taxes collected in advance in fiscal year 20X3 be reported in the fiscal year 20X3 General Fund financial statements?

• A) As a liability on the balance sheet.
• B) As a deferred inflow on the balance sheet.
• C) As revenue on the statement of revenues, expenditures, and changes in fund balance.
• D) As an other financing source on the statement of revenues, expenditures, and changes in fund balance.

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Definitions:

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