GASB Standards for Property Tax Revenue Recognition Under the Modified

question 92

True/False

GASB standards for property tax revenue recognition under the modified accrual basis of accounting provide that revenue is permitted to be recorded if the expected amount to be collected can be determined and collection is reasonably assured, even if the taxes are expected to be collected more than 60 days after the fiscal year end.

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Definitions:

Chemical Weathering

Chemical reactions that affect a rock or other material by breaking down minerals and removing soluble material from the rock.

Physical Weathering

The physical breaking or disintegration of rocks when exposed to the environment.

Sedimentary Environments

Areas where sediment is deposited on the Earth's surface, including lakes, rivers, deserts, and marine settings, each of which leaves distinct geological records.

Topography

The arrangement of the natural and artificial physical features of an area, including its relief, and any landforms and bodies of water.