Assume that a county with a June 30 fiscal year end levied $900,000 in special assessments to finance debt service on a special assessment debt issuance. The levy date was January 20X1. The levy is to be paid by the property owners over a 10-year period beginning in January 20X2. The amount of revenue recognized by the county in the Debt Service Fund as of June 30, 20X1 would be

Question

Quizplus · Accepted Answer

The revenue recognized by the county in the Debt Service Fund only includes actual cash received during the fiscal year. Since the levy was not due until the following year, there would be no revenue recognized in the current fiscal year ending June 30, 20X1. Therefore, the answer is C.

Assume That a County with a June 30 Fiscal Year