If a Taxpayer Fails to Pay His Property Taxes on Time

question 33

Multiple Choice

If a taxpayer fails to pay his property taxes on time and the city decides to foreclose the property,what accounting entry should the city make?

• A)write off the property tax receivable as uncollectible
• B)reduce property tax revenues by the amount of the receivable
• C)reclassify the property tax receivable account to a delinquent receivable account
• D)reclassify the property tax receivable account to a tax lien receivable account

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Definitions:

Papillae

Small projections on the surface of the tongue that contain taste buds, which are sensitive to the chemical composition of foods and liquids.

Bulb

A rounded underground storage organ present in some plants, notable for its role in perennial growth and flowering.

Basic Quality

A fundamental characteristic or attribute that defines or greatly influences something's nature or essence.

Umami

One of the five basic tastes, recognized for its savory or meaty flavor profile, often attributed to the presence of glutamates.