Property tax revenue recorded in the governmental funds may differ from the amount recorded at the government-wide level in any given year. True or False
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- Which of the following would not appear on a statement of changes in fiduciary net position? Multiple Choice Due to Other Funds. Additions—Investment Earnings. Additions—Property Tax Collections for Other Governments. Deductions—Administrative Fees.A temporary difference that would not result in a deferred tax asset but not a permanent difference? accrual of commission income. interest revenue on government bonds. excess of financial depreciation over tax depreciation. accrued warranty expense.An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transaction
- An income tax is an example of which of the following? Derived tax revenue. Imposed nonexchange revenue. Government-mandated nonexchange revenue. Voluntary nonexchange transaction.a) Explain the difference between pretax financial income and taxable income. b) What are the two objectives of accounting for income taxes? c) Interest on governmental bonds is often referred to as a permanent difference when determining the proper amount to report for deferred taxes. Explain the meaning of permanent differences, and give two other examples. d) Explain the meaning of a temporary difference as it relates to deferred tax computations, and give four examples. e) Bridgeton Company started its operations at the beginning of 2018. The following information relates to its operations for the year. The differences between the 2018 income statement and tax return are listed below: Fines incurred for pollution violations of $7,320 were deducted in computing pretax financial income. Warranty expense accrued for financial reporting purposes amounts to $15,910. Warranty deductions per the tax return amount to $8,730. Interest revenue earned on an investment in tax-exempt bonds…A temporary difference that would not result in a deferred tax asset but not a permanent difference? a. accrual of commission income. b. excess of financial depreciation over tax depreciation. c. interest revenue on government bonds. d. accrued warranty expense.
- What is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?Explain the informational benefit from required disclosure of tax abatements provided by state and local governments?A. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?
- Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with no income tax b.State income tax c.Federal income tax d.Property tax on second residenceWhich of the following are permanent differences? (check all that apply) State taxes Depreciation expense Cash advances from customers Warranty expense Tax-free interest incomeIf a government wants to obtain the maximum tax revenue it should A. use static tax analysis. B. not assess the highest possible tax rate. C. assess the highest possible tax rate. D. use an ad valorem system for collecting taxes.