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

question 32

Multiple Choice

A city that has a 12/31 fiscal year end has adopted a policy of recognizing property tax revenue consistent with the 60-day rule allowable period under GAAP.Property taxes of $600,000 (of which none are estimated to be uncollectible) are levied in October 2013 to finance the activities of fiscal year 2014.Property taxes are due in two installments June 20 and December 20.Cash collections related to property taxes are as follows: The total amount of property tax revenue that will be recognized in the government-wide financial statements in 2014 is:

• A)$600,000.
• B)$575,000.
• C)$535,000.
• D)$525,000.

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Customers

Individuals or organizations that purchase goods or services from a business, determining its success through their satisfaction and loyalty.

Technology

The application of scientific knowledge for practical purposes, particularly in industry and everyday life.

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The process of managing and overseeing a customer account to ensure satisfaction, retention, and profitability.