Question

(1) a city levies property taxes to use for general operations of the city in the amount of $1,000,000 for calendar year 2017. it expects to collect $950,000 during the year, $30,000 during the first 60 days of 2018, and $15,000 during the remainder of 2018. it does not expect to collect the remaining $5,000. how much property tax revenue should it recognize for the year 2017?

a- $1,000,000

b- $980,000

c- $995,000

d-$990,000

(2) which of the following is not associated with government and not-for-profit organization?

a- the goal of accounting is to measure net income.

b- goods and/ or services provided maybe priced at / or below cost.

c- the organization purpose is to provide goods and / or services to its constituents .

d- resource providers often do not receive goods and / or services equal in value to the amount of resources they provide.

(3) the primary purpose of fund accounting is?

a- to keep track of long term assets and liabilities related to governmental activities.

b- to segregate an organization's resources according to the purpose(s) for which they are to be used.

c- to provide expenditure authority for a government or not-for-profit organization.

d- all of the above are major purposes of using funds.

Answer 1

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