The Revenue Classifications Recommended by GASB Standards Are Listed Below

question 22

Short Answer

The revenue classifications recommended by GASB standards are listed below:
A.Taxes
B.Licenses and permits
C.Intergovernmental revenue
D.Charges for services
E.Fines and forfeits
.Miscellaneous
For each revenue source listed below indicate its correct classification by placing the appropriate letter in the blank space next to the item.____ 1.Capital grant received by a city from a state
____ 2.Property tax levied by city
____ 3.Library use fees
____ 4.Occupational licenses
____ 5.Loitering fine

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Definitions:

Journal Entry

A record of a business transaction in an accounting system, noting the accounts and amounts to be debited and credited.

Cost Method

An accounting approach where investments are recorded on the balance sheet at their acquisition cost, without recognizing changes in market value.

Net Income

The total profit of a company after all expenses and taxes have been deducted from total revenue.

Significant Influence

The power to participate in the financial and operating policy decisions of an investee, without having control or joint control over those policies.