When Should Property Tax Revenues Be Recognized in Government-Wide Financial

question 18

Multiple Choice

When should property tax revenues be recognized in government-wide financial statements?

• A)in the period for which the taxes are levied (net of estimated refunds and uncollectibles),provided they are measurable and available
• B)in the period for which the taxes are levied (net of estimated refunds and uncollectibles),even if the enforceable legal claim arises or due date for payment is in a different period
• C)in the period they are collected in cash,together with an accrual for uncollected taxes
• D)in the period when an enforceable legal claim arises or when the resources are received,whichever occurs first

---

Definitions:

Economic Value

The worth of a good or service determined by the market, reflecting its ability to satisfy human needs or wants.

Contingency Approaches

Management theories suggesting that the best leadership or organizational practices depend on the specifics of the situation.

Contingency Model

A leadership theory that suggests the effectiveness of a leadership style is contingent upon the situation, including the leader's capability and the task characteristics.

Leadership Styles

Various methods or approaches adopted by leaders to guide, direct, and influence the work and behavior of others.