The General Fund of the Town of Dean Levied Property

question 63

Multiple Choice

The general fund of the Town of Dean levied property taxes of $3,000,000 for the fiscal year beginning on January 1,2008.It was estimated that 1% of the levy would be uncollectible.During the period January 1,2008,through December 31,2008,$2,960,000 of the property tax levy was collected.At December 31,2008,Dean estimated that $10,000 of property taxes levied in 2008 would be collected during the first 60 days of 2009.What amount of property tax revenue should be reported by the general fund for the year ended December 31,2008?

• A)$2,960,000
• B)$3,000,000
• C)$2,970,000
• D)$2,990,000

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Definitions:

Generally Accepted Accounting Principles

The standard framework of guidelines for financial accounting used in any given jurisdiction; commonly abbreviated as GAAP.

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