Accounting MCQ
Governmental Accounting
In which situations are property taxes due to a governmental unit recorded as deferred revenue? I. Property taxes receivable are recognized in advance of the year for which they are levied II. Property taxes receivable are collected in advance of the year in which they are levied
In which situations are property taxes due to a governmental unit recorded as deferred revenue? I. Property taxes receivable are recognized in advance of the year for which they are levied II. Property taxes receivable are collected in advance of the year in which they are levied
In which situations are property taxes due to a governmental unit recorded as deferred revenue?
I. Property taxes receivable are recognized in advance of the year for which they are levied
II. Property taxes receivable are collected in advance of the year in which they are levied
a) I only
b) Both and I and II
c) II only
d) Neither I nor II
Answer: B
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