Professional Documents
Culture Documents
Chapters: 5, 6, 7, & 8
70 questions (10 math)
Chapter 5
- Governmental Revenue Categories: property tax, fines, penalties,
permits, interest, grants (intergovernmental)
- Transfers: other financing sources and uses NOT Revenue
- Revenue v. Other Financing source (transfers, sale of fixed
assets, proceeds from issuance of LT debt)
- GASB: definition of what revenue is (slide 3)
- 3 rules of when we can recognize revenue
o Available
o Legally usable
o Measurable
- GASB 33: 4 non exchange transactions
o Derived tax revenues: sales tax
o Imposed tax revenues
o Government mandated
o Voluntary transaction
- Property Tax Process
- Grants Revenue Recognition: Expenditure Driven v. Unrestricted
- How much is the property tax revenue we have to record in a
current year
- Not doing much with FMV: High Level of what we carry at cost:
things without ready available market value
Chapter 6
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Chapter 7/8