A City That Has a 12/31 Fiscal Year End Has

question 46

Multiple Choice

A city that has a 12/31 fiscal year end has adopted a policy of recognizing the maximum amount of property tax revenue allowable under GAAP.Property taxes of $720,0000 of which 10% are estimated to be uncollectible are levied in October 2010 to finance the activities of the fiscal year 2011.During 2011, cash collections related to property taxes levied in October 2010 were $600,000.In 2012 the following amounts related to the property taxes levied in October 2010 were collected: January $30,000; March, $6,000.For the fiscal year ended 12/31/11, what amount should be recognized as property tax revenues related to the 2010 levy on the government-wide financial statements?

• A)$720,000.
• B)$648,000.
• C)$630,000.
• D)$600,000.

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Definitions:

Equipment Depreciation

This refers to the accounting process of allocating the cost of physical assets over their useful lives to account for the loss in value.

Spending Variance

The difference between the actual expenditure and the budgeted amount.

Machine-Hours

A measure used to allocate manufacturing overhead costs to products based on the number of hours machines are used in the production process.

Spending Variance

A measure of the difference between the budgeted amount of expenses and the actual amount spent.