Accounting For Governmental & Nonprofit Entities
Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 13, Problem 17.10EP

When a tax-exempt organization dissolves, the managers must ensure that

  1. a.      All assets are appropriately transferred to another tax-exempt organization.
  2. b.      All creditors get paid.
  3. c.       All federal, state, and local taxes are paid.
  4. d.      All of the above.
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Revenue from property taxes should be recorded in the General Fund: When received. When there is an enforceable legal claim. O When they are available for recognition. O In the period for which the resulting resources are required or permitted to be used. In the period in which the tax bills are mailed. Question 4
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