When preparing the General Fund financial statements, how much property tax revenue should be recognized for the year ended June 30, 2009?

Question

Quizplus · Accepted Answer

The General Fund should recognize property tax revenue that is measurable and available. Since $6,400,000 is collected within 60 days after year-end, it is considered available and should be recognized as revenue for the year ended June 30, 2009.

When Preparing the General Fund Financial Statements, How Much Property