Under GAAP, Property Taxes Levied in One Fiscal Period to Finance

question 53

Multiple Choice

Under GAAP, property taxes levied in one fiscal period to finance the activities of the following fiscal period are recognized as revenue in the government-wide financial statements

• A) in the year levied.
• B) in the year for which they are intended to finance the activities.
• C) when collected, regardless of when levied.
• D) in the year for which they are intended to finance the activities, if collected within that period or within a period no greater than 60 days after the close of the fiscal year.

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Definitions:

Hanger Bearing Shim Pack

A set of thin pieces of material used to adjust the clearance or space between a hanger bearing and its mounting surface.

Chassis Crossmember

Structural components that reinforce the chassis of a vehicle by connecting its sides, providing added stability and support.

Driveshaft Angles

The angles formed by the driveshaft and the components it connects (such as the gearbox and differential), crucial for efficient power transmission and minimizing wear.

PTO Driveshaft

A driveshaft used to transmit power from a vehicle's engine to auxiliary equipment (Power Take-Off), such as a hydraulic pump.