Choose the best answer from the four choices Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its governmental fund statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the government Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its government‐wide statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the governmen

Identify the type of government policies promoting innovation and social benefit represented by the following scenarios: A. Subsidies B. Taxation C. Neither D. Research and Development 1. ABC Research obtains a federal grant to research new energy sources ? ✓ 2. The city of Houston partially funds its community college to lower the cost of tuition 3. ExpertResearchInc receives a tax credit because of its research in critical technologies ? ✓ 4. The government regulates the emission of harmful chemicals no n. ?

Which of the following is not a true statement regarding revenues from various types of nonexchange transactions?   Derived tax revenues occur as a result of sales and or income tax.   Imposed nonexchange revenues consist of only fines and penalties assessed by the governing agency.   Government mandated nonexchange transactions includes grants from the federal government to the local public-school system for a free lunch program.   Voluntary nonexchange transactions can originate from a governmental agency or private citizen organization.   Imposed nonexchange transactions revenue recognition is made in the time period when the resulting resources are required to be used or in the first period in which use is permitted.