Which of the Following Is True Regarding Revenue Recognition for Property

question 149

Multiple Choice

Which of the following is true regarding revenue recognition for property taxes, when reporting in the government-wide statements?

• A) Assets are recognized when an enforceable legal claim has arisen or when resources are received, whichever is first.
• B) Revenues are recognized when measurable and available; that is, when collected during the current period or no more than 60 days after the end of the current period.
• C) Both of the above are true.
• D) Neither of the above is true.

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Definitions:

Parameter

A numerical characteristic that describes and summarizes an aspect of a population in statistics.

Unbiased Estimator

A statistical estimator whose expected value is equal to the parameter being estimated, indicating accuracy across samples.

Expected Value

The long-run average value of repetitions of the same experiment or random process, calculated as the sum of all possible values weighted by their probabilities of occurrence.

Parameter

A numerical characteristic or feature of a population that is estimated using sample data.