Property taxes due 75 days after the end of the 2014 fiscal year would be recognized in 2014 as revenues in the General Fund general journal.

Question

Quizplus · Accepted Answer

Under GASB standards the property taxes would not be considered available for spending in the current year since they are due more than 60 days after the fiscal year end. Therefore, under modified accrual the General Fund would record deferred revenues in 2014 rather than revenues.

Property Taxes Due 75 Days After the End of the 2014