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Listed Below in the Left Column Are Some Events That

Question 47

Matching

Listed below in the left column are some events that may or may not be revenues for the General Fund. Listed in the right column are the classifications of revenues for governmental funds. Correctly match each event with the appropriate revenue classification. Unless specifically stated otherwise, assume all amounts are earned, measurable, and available. If the event is not a revenue, state how the event would be reported in the current year General Fund financial statements. Each type of revenue may be used once, more than once, or not at all.

Premises:

Responses:

Billing for garbage services provided to the Enterprise Fund by the Sanitation Department (accounted for in the General Fund).

Intergovernmental Revenues

Payments made by the local university to the City in lieu of paying property taxes on university-owned land.

Fines and Forfeits

Quarterly federal income tax payments from taxpayers.

Charges for Services

Gas taxes collected by the state and allocated based on a predetermined formula.

Investment Income

Property taxes levied, due, and payable in the prior fiscal year and collected in the first 60 days of the current fiscal year.

Taxes

Realized gain from the sale of an investment.

Licenses and Permits

Property taxes levied for the current year and collected in the first 60 days of the following fiscal year.

Not a revenue

Unrealized loss on an investment at the end of the current fiscal year.

Cash collections from speeding tickets enforced in municipal court.

Pass through grant for which the City has administrative responsibility.

Payment from the Library Special Revenue Fund to the General Fund for a utility bill originally paid from General Fund resources for the entire government.

Cash received on next year’s property taxes.

Receipt of cash for a capital grant for which the qualifying expenditures have not yet been made.

Cash received from a short-term borrowing.

Interest earned on investments.

Cash collected for electrical inspections made in new home construction.

Cash received from the issuance of long-term debt.

Ad valorem taxes for which the levy has been made but are due and payable in the following fiscal year.

Sales taxes collected locally.

Cash received from an operating grant where the time restriction has not been met.

Premises:

Billing for garbage services provided to the Enterprise Fund by the Sanitation Department (accounted for in the General Fund).

Payments made by the local university to the City in lieu of paying property taxes on university-owned land.

Quarterly federal income tax payments from taxpayers.

Gas taxes collected by the state and allocated based on a predetermined formula.

Property taxes levied, due, and payable in the prior fiscal year and collected in the first 60 days of the current fiscal year.

Realized gain from the sale of an investment.

Property taxes levied for the current year and collected in the first 60 days of the following fiscal year.

Unrealized loss on an investment at the end of the current fiscal year.

Cash collections from speeding tickets enforced in municipal court.

Pass through grant for which the City has administrative responsibility.

Payment from the Library Special Revenue Fund to the General Fund for a utility bill originally paid from General Fund resources for the entire government.

Cash received on next year’s property taxes.

Receipt of cash for a capital grant for which the qualifying expenditures have not yet been made.

Cash received from a short-term borrowing.

Interest earned on investments.

Cash collected for electrical inspections made in new home construction.

Cash received from the issuance of long-term debt.

Ad valorem taxes for which the levy has been made but are due and payable in the following fiscal year.

Sales taxes collected locally.

Cash received from an operating grant where the time restriction has not been met.

Responses:

Intergovernmental Revenues

Fines and Forfeits

Charges for Services

Investment Income

Taxes

Licenses and Permits

Not a revenue

Correct Answer:

Premises:

Responses:

Billing for garbage services provided to the Enterprise Fund by the Sanitation Department (accounted for in the General Fund).

Payments made by the local university to the City in lieu of paying property taxes on university-owned land.

Quarterly federal income tax payments from taxpayers.

Gas taxes collected by the state and allocated based on a predetermined formula.

Property taxes levied, due, and payable in the prior fiscal year and collected in the first 60 days of the current fiscal year.

Realized gain from the sale of an investment.

Property taxes levied for the current year and collected in the first 60 days of the following fiscal year.

Unrealized loss on an investment at the end of the current fiscal year.

Cash collections from speeding tickets enforced in municipal court.

Pass through grant for which the City has administrative responsibility.

Payment from the Library Special Revenue Fund to the General Fund for a utility bill originally paid from General Fund resources for the entire government.

Cash received on next year’s property taxes.

Receipt of cash for a capital grant for which the qualifying expenditures have not yet been made.

Cash received from a short-term borrowing.

Interest earned on investments.

Cash collected for electrical inspections made in new home construction.

Cash received from the issuance of long-term debt.

Ad valorem taxes for which the levy has been made but are due and payable in the following fiscal year.

Sales taxes collected locally.

Cash received from an operating grant where the time restriction has not been met.