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Acc 410 ch 4 homework
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CHAPTER 4 WK-3 HOMEWORK
QUESTIONS FOR REVIEW AND DISCUSSION
6. Property taxes should be recognized in the period for which the taxes are levied. In the fund statements, the taxes must meet the additional criterion that they be “available.”
7. Sales taxes should be recognized in the period in which the underlying sales transaction takes place. Sales taxes are “derived” from an underlying economic event — that event being the sales transaction. Hence it is appropriate to recognize revenue at the time of the event.
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