If a government forecloses on property because of unpaid taxes in the General Fund and retains it for general government use, which of the following funds and/or accounts would most likely be affected by the transaction?

Question

Quizplus · Accepted Answer

The foreclosure and retention of property for general government use would impact both the General Fund and General Capital Assets accounts. The General Fund would be affected by the unpaid taxes, while the retained property would become part of the General Capital Assets, which includes land and buildings used for governmental purposes.

If a Government Forecloses on Property Because of Unpaid Taxes