The tax agency fund of Orange County collected $7,000,000 for a school district, $3,000,000 for the county?

General Fund, and $5,000,000 for a municipality. County General Fund employees handle the collections, and a 2.5 percent collection fee is charged all units except the county. The total amount of revenue recognized by the county General Fund would be:

A. $390,000.

B. $3,300,000.

C. $3,390,000.

D. $300,000.

Which of the following is true regarding revenue recognition for property taxes, when reporting in the government-wide statements?

A. Assets are recognized when an enforceable legal claim has arisen or when resources are received, whichever is first.

B. Revenues are recognized when measurable and available; that is, when collected during the current period or no more than 60 days after the end of the current period.

C. Both of the above are true.

D. Neither of the above is true.

. A local government recorded the sale of a capital asset by recording a debit to cash and credit to proceeds of sale of capital asset. What is the worksheet entry when preparing the government-wide statements?

A. Debit to Proceeds of sale of capital asset and credit to Gain on sale of capital asset

B. Debit to Cash and credit to capital asset (net) and credit to Gain on sale of capital asset

C. Debit to Proceeds of sale of capital asset and credit to capital asset (net) and gain/loss on sale of capital asset

D. None of the above

Which of the following statements is not true regarding agency funds?

A. Agency funds use modified accrual accounting.

B. Agency funds have only assets and liabilities; no fund equities, revenues, or expenditures are recorded.

C. Agency funds are reported in the fiduciary funds Statement of Fiduciary Net Assets.

D. None of the above; all are true.

1 Answer

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  • Bobbie
    Lv 7
    7 years ago
    Best Answer

    Fund accounting - Wikipedia, the free encyclopedia

    Fund accounting is an accounting system emphasizing accountability rather than

    ..... Office estimated general fund revenues of $35 million from property taxes,

    state ... expects $1 million of this assessment to be difficult or impossible to collect

    .

    en.wikipedia.org/wiki/Fund_accounting

    General Fund Receipt (GFR) Account Guide - Financial ...

    Flowchart – GFR Collections to Collecting Agency's Financial Statements. 9 ...

    Proposed Changes to the Current USSGL Accounts for General Fund Receipt

    Activity. 17 ... Scenario 1 – Collection of Non-exchange Revenue - Tax Revenue.

    21 ... Scenario 5 - Collection of Proceeds From Disposition of Personal Property.

    80 ...

    www.fms.treas.gov/ussgl/approved_scenarios/mr_transactions_17-b.pdf

    Summaries of Revenues, Expenditures and Fund Balances

    GENERAL STATE FUNDSinclude the General Fund, Property. Tax ... The

    Property Tax Relief Fund accounts for revenues from the ..... and truck

    registrations, drivers' licenses, and miscellaneous fees collected by the Motor

    Vehicle Commission. ... This category includes revenues received by the various

    State agencies.

    www.state.nj.us/treasury/omb/publications/12budget/pdf/revexp.pdf

    The Tax Collector's Office is responsible for collecting $2.9 billion in property taxes. It is important to note that the County General Fund's share is approximately $158 million. This represents the largest source of general-purpose revenue for the County General Fund. The Tax Collector gathers from service recipients on behalf of approximately 280 taxing jurisdictions. These jurisdictions include the County, special districts, schools and cities of Orange County. Our tax collection clientele have benefited from our tax bill dissemination, remittance and cashiering processing, past due collection efforts and taxpayer telephone assistance services.

    Real property owners account for the largest percentage of service recipients representing 770,000 of our 1.3 million tax bills. In addition, the top 20 corporations and companies pay approximately 5.91 percent of the total $2.6 billion due on the real property tax roll. Service recipients remit property taxes in person, by mail, through mortgage impound accounts (CORTAC), utilizing convenient telephone payment alternatives, electronic fund transfers and over the Internet.

    Good Luck to you.

    Hope that you find the above enclosed information useful. 09/23/2012

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