Which of the following is the most likely reason that deferred revenue is reported on the General Fund balance sheet?
A)qualifying expenditures have been incurred in conjunction with a federal grant
B)there are property taxes receivable at year end that probably will not be collected for at least 60 days after the end of the accounting period
C)there are property taxes receivable at year end that will probably be collected within 60 days after the end of the accounting period
D)the government owes refunds to property owners who have successfully appealed their property tax assessments

Question

Quizplus · Accepted Answer

Deferred revenue is reported on the General Fund balance sheet when there are receivables, such as property taxes, that are not expected to be collected within the available time frame, typically 60 days after the end of the accounting period. This indicates that the revenue cannot be recognized until it is deemed available, which aligns with the description in choice B.

Which of the Following Is the Most Likely Reason That