An Example of a Program Revenue in the Government-Wide Statement

question 82

True/False

An example of a program revenue in the government-wide Statement of Activities would be property taxes.

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Definitions:

Preexisting Duty

An obligation that a party is already bound to by law or by some other agreement. The party may not use this as consideration in a new contract.

Promissory Estoppel

A judicial principle that stops one from retracting a pledge given to another if the latter has justifiably depended on the promise to their disadvantage.

Disputed Amounts

Refers to the sums of money under contention between parties in transactions or contracts, often leading to negotiation or legal actions.

Satisfaction

The agreed-to settlement as contained in an accord.