On July 1, the First Day of Its Fiscal Year

question 11

Multiple Choice

On July 1, the first day of its fiscal year, the Town of Eldon levied a $1,000,000 property tax which is payable in full on December 1 of the same year. On September 15, the town decided to borrow $200,000 in 90-day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will include:

• A) A credit to Other Financing Sources-Proceeds of Tax Anticipation Notes.
• B) A credit to Tax Anticipation Revenue.
• C) A credit to Tax Anticipation Notes Payable.
• D) A credit to Deferred Outflows of Resources-Tax Anticipation Notes.

Distinguish between disinflation, deflation, and the conditions that contribute to each.

Grasp the definitions of various categories of unemployment and how they are measured.

Comprehend the phenomena of stagflation and its economic implications.

Analyze the factors contributing to business cycles and their impact on unemployment.

---

Definitions:

Attitude Inoculation

A technique used to make people resistant to attempts to change their attitudes by first exposing them to small arguments against their position.

Resisting Persuasion

Resisting Persuasion involves strategies and techniques used to counteract attempts at influencing one's attitudes, beliefs, or actions.

Costa Concordia

The name of an Italian cruise ship that capsized and sank in January 2012 off the coast of Italy due to the captain's negligence, resulting in fatalities and injuries.

Emergency Practices

Procedures and actions that are planned and implemented in order to respond effectively to potential emergency situations.