Under the modified accrual basis of accounting, the amount of property tax revenues that should be recognized by a governmental entity in the current year related to the current year levy will be
A)the total amount of the levy.
B)the expected collectible portion of the levy.
C)the portion of the levy collected.
D)the portion of the levy collected in the current year or within sixty days of the fiscal period.

Question

Quizplus · Accepted Answer

Under the modified accrual basis of accounting, revenues are recognized when they are both measurable and available. For property taxes, this typically means the portion collected in the current year or within sixty days after the fiscal year ends.

Under the Modified Accrual Basis of Accounting, the Amount of Property