Which of the following best describes the general principle for recognizing property tax revenues in the General Fund?
A)They should be recognized in the current period to the extent that cash is collected
B)They should be recognized for the entire amount levied for the current period,regardless of when they are collected in cash
C)They should be recognized in the current period,less appropriate allowances for uncollectible accounts,tax refunds,and discounts
D)They should be recognized in the current period to the extent collected and also if collected early in the following year

Question

Quizplus · Accepted Answer

Property tax revenues in the General Fund are recognized in the period they are levied and to the extent they are collected within the current period or shortly after the end of the period, typically within 60 days. This allows for the inclusion of early collections in the following year.

Which of the Following Best Describes the General Principle for Recognizing