The account Deferred Inflows of Resources-Unavailable Revenues is used in governmental funds to record
A) Property taxes that are considered uncollectible.
B) Property taxes that have been collected but not yet earned.
C) Property taxes that will not be collected within 60 days of fiscal year end.
D) All of the above property taxes could be included in Deferred Inflows of Resources-Unavailable Revenues.

Question

The account Deferred Inflows of Resources-Unavailable Revenues is used in governmental funds to record  
A) Property taxes that are considered uncollectible.
B) Property taxes that have been collected but not yet earned.
C) Property taxes that will not be collected within 60 days of fiscal year end.
D) All of the above property taxes could be included in Deferred Inflows of Resources-Unavailable Revenues.

Quizplus · Accepted Answer

Deferred Inflows of Resources-Unavailable Revenues is used to record property taxes that will not be collected within 60 days of fiscal year end. Therefore, option C is the correct answer. Option A refers to uncollectible property taxes which are recorded in Allowance for Uncollectible Current Taxes, while option B refers to property taxes that have been collected but not yet earned, which are recorded in the account Deferred Revenue. Option D is incorrect because it includes all options, while only option C is the correct one.

The Account Deferred Inflows of Resources-Unavailable Revenues Is Used in Governmental