The actual Revenues account of a government is debited when: The budget is recorded at the beginning of the year. Property taxes are recorded. The account is closed out at the end of the year. Property taxes are collected.

Government revenue, often known as national revenue, is the sum of money that a government receives…

Answered: The actual Revenues account of a…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 15MCQ

See similar textbooks

Similar questions

When an organization makes payment to the government for payroll taxes, the payment is journalized as O A. Accounts Payable O B. Accounts Receivable C. Cash O D. Expenses
In recording its property tax assessment for the year, a county government estimates the amount of uncollectible taxes. How is this estimate reflected in the financial statements: An expenditure under General Government Operations. A credit to Taxes Receivable. A reduction in Property Tax Revenue. A debit to Estimated Uncollectible Taxes.
Property tax revenue recorded in the governmental funds may differ from the amount recorded at the government-wide level in any given year. True or False
Which of the following accounts is debited to record the payment of employees' state income tax withholding? a. Employees' State Income Tax Payable b. Employees' State Income Tax Received c. Capital d. Cash
Which of the following accounts of a government agency is closed out at the end of the fiscal year? Select the correct response: Appropriations Vouchers payable. Reserve for encumbrance Fund balance
In the recording of a city’s budget, which one of the following accounts is debited? a. Appropriations b. Estimated Revenues c. Estimated Other Financing Uses d. Encumbrances
The Appropriations account of a governmental fund is credited when: a. The budgetary accounts are closed b. The budget is recorded c. Supplies are purchased d. Expenditures are recorded
Who/what are the principal officals in a state's Comprehensive Annual Financial Report
Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. Deferred property taxes at the end of the year was $92.
The general fund pays rent for two months. Which of the following is not correct? Rent expense should be reported in the government-wide financial statements. Rent expense should be reported in the general fund. An expenditure should be reported in the fund financial statements. If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.
The amount of income taxes due to the government for a period of time is rarely the amount reported on the income statement for that period as income tax expense. Instructions a. Explain the objectives of accounting for income taxes in general-purpose financial statements. b. Explain the basic principles that are applied in accounting for income taxes at the date of the financial statements to meet the objectives discussed in (a). c. List the steps in the annual computation of deferred tax liabilities and assets.
The general fund pays rent for two months. Which of the following is not correct? Choose the correct.a. Rent expense should be reported in the government-wide financial statements.b. Rent expense should be reported in the general fund.c. An expenditure should be reported in the fund financial statements.d. If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.

SEE MORE QUESTIONS

Recommended textbooks for you

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS

		The budget is recorded at the beginning of the year.
		Property taxes are recorded.
		The account is closed out at the end of the year.
		Property taxes are collected.