For purposes of recognizing property tax revenues in governmental funds, "available" is defined as
A) revenues received within 90 days after year-end.
B) revenues received within 60 days after year-end.
C) revenues received within 120 days after year-end.
D) being up to the judgment of the preparer.

Question

Quizplus · Accepted Answer

In governmental accounting, "available" typically means that revenues are collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period, usually defined as within 60 days after year-end.

For Purposes of Recognizing Property Tax Revenues in Governmental Funds