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.

---

Definitions:

Incus

A small bone in the middle ear, located between the malleus and the stapes; also called the anvil.

Axial Skeleton

The part of the skeleton that consists of the bones of the head and trunk of a vertebrate.

Tongue

A muscular organ in the mouth that aids in tasting, swallowing, and speech.

Phalangeal Bones

The bones that form the fingers and toes of the human body, divided into proximal, middle, and distal segments.