FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The primary revenue for local government is.....
a. Income taxation
b. Sales taxation
c. Estate taxation
d. Property taxation
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- The three separate and distinct rederal tax systems that are relevant to financial planning are the income tax system, the estate and gift tax system and the property tax system. • True • Falsearrow_forwardGovernments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in: a. the general fund b. governmental funds c. proprietary funds d. special revenue fundsarrow_forwardHow has the dual system of financial statements impacted the financial reporting of state and local governments?arrow_forward
- When a company remits sales tax to the local government, the journal entry will include: O Credit to sales revenue O Debit to cash O Debit to sales tax payable O Debit to sales tax expensearrow_forwardWhat is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?arrow_forwardWhy are budgetary entries recorded in the individual funds of a state or local government?arrow_forward
- Which of the following is not a power that a municipality must have to be considered fiscally independent of other governments? A.) To determine its budget B.) To levy taxes and set rates C.) To establish debt limitations D.) To issue bondsarrow_forwardWhich of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contributionarrow_forward
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