The Revenue Classifications Recommended by GASB Standards Are Listed Below

question 46

Essay

The revenue classifications recommended by GASB standards are listed below:
A.Taxes
B.Licenses and permits
C.Intergovernmental revenue
D.Charges for services
E.Fines and forfeits
F.Miscellaneous
For each revenue source listed below indicate its correct classification by placing the appropriate letter in the blank space next to the item.
____ 1.Capital grant received by a city from a state
____ 2.Property tax levied by city
____ 3.Library use fees
____ 4.Occupational licenses
____ 5.Loitering fine

Grasp the principles governing the transfer of ownership through voluntary transfer, finding, creation, and confusion.

Recognize the conditions for the legal transfer and registration requirements of tangible property.

Interpret the limits of liability and the establishment of bailment in the context of personal property placed in unlocked or non-secure areas.

Understand the concept and legal implications of price discrimination and its applicability in antitrust law.

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Definitions:

Liabilities

Financial obligations or debts that a company owes to others, which must be paid in the future, such as loans, accounts payable, or mortgages.

Statement of Cash Flows

A financial statement that shows the cash inflows and outflows for a company over a specified period, classified into operating, investing, and financing activities.

Financial Position

The status of the assets, liabilities, and equity of an entity at a given point in time, as outlined on the balance sheet.

Financial Position

A snapshot of the assets, liabilities, and equity of a business at a given point in time, illustrating the company's financial health.