Which of the following is not a true statement regarding revenues from various types of nonexchange transactions?
A) Derived tax revenues occur as a result of sales and or income tax.
B) Imposed nonexchange revenues consist of only fines and penalties assessed by the governing agency.
C) Government mandated nonexchange transactions includes grants from the federal government to the local public-school system for a free lunch program.
D) Voluntary nonexchange transactions can originate from a governmental agency or private citizen organization.
E) Imposed nonexchange transactions revenue recognition is made in the time period when the resulting resources are required to be used or in the first period in which use is permitted.

Question

Quizplus · Accepted Answer

Imposed nonexchange revenues include not only fines and penalties but also property taxes and other assessments imposed by governments.

Which of the Following Is Not a True Statement Regarding