Under the Modified Accrual Basis of Accounting,GASB Standards for Property

question 114

Multiple Choice

Under the modified accrual basis of accounting,GASB standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected:

• A) After fiscal year end.
• B) More than 30 days after fiscal year end.
• C) More than 60 days after fiscal year end.
• D) More than 90 days after fiscal year end.

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Definitions:

Equitable Doctrine

Legal principles developed by courts based on fairness and justice, used to supplement and correct strict legal rules that might lead to unfair results.

Unjust Enrichment

A legal principle that prevents one party from gaining a benefit at another's expense without compensation.

Implied in Fact Contract

An agreement inferred from the actions, behavior, or circumstances of the parties involved, rather than written or spoken words.

Article 2

Refers to a section of the Uniform Commercial Code that governs the sale of goods in the United States, setting forth the rights, duties, and obligations of sellers and buyers.