Under the Modified Accrual Basis of Accounting, the Amount of Property

question 23

Multiple Choice

Under the modified accrual basis of accounting, the amount of property tax revenues that should be recognized by a government in the current year related to the current-year levy will be

• A) the total amount of the levy.
• B) the expected collectible portion of the levy.
• C) the portion of the levy collected.
• D) the portion of the levy collected in the current year or within sixty days after the end of the fiscal period.

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Definitions:

Cost To Sell

The expenses directly associated with the disposal of an asset, excluding financing costs and income taxes.

Fair Value Movements

describes changes in the fair value of an asset or liability over time, which may be recognized in profit or loss or other comprehensive income.

AASB 141

The Australian Accounting Standards Board document that outlines the accounting treatment for agricultural activity.

IAS 41

International Accounting Standard 41 relates to agriculture. It prescribes the accounting treatment and disclosures related to agricultural activity.