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

question 58

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 should be recognized in the governmental fund financial statements in 2014 is:

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

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Definitions:

Social Harmony

A state of peaceful coexistence and mutual understanding within a society or group.

Vibrant Plumage

Refers to bright and colorful feathers of birds, often used for attraction or signaling within species.

Sexual Selection

A form of natural selection where individuals with certain inherited characteristics are more likely than others to obtain mates, influencing evolution.

Male Dominance

A social construct where men hold primary power and predominate in roles of political leadership, moral authority, social privilege, and control of property.