Revenue from property taxes should be recorded in the General Fund
A) When received.
B) When there is an enforceable legal claim.
C) When they are available for recognition.
D) In the period for which the resulting resources are required or permitted to be used.
E) In the period in which the tax bills are mailed.

Question

Quizplus · Accepted Answer

Revenue from property taxes should be recorded in the General Fund in the period for which the resulting resources are required or permitted to be used. This is because property taxes are a form of deferred revenue, meaning that the revenue is not earned until the period in which the resources are used.

Revenue from Property Taxes Should Be Recorded in the General