3C - Typical Items and Specific Types of Transactions and Events: Measurement, Valuation, Calculation, Presentation in Governmental Entity Finan. Statements Flashcards
1
Q
Derived tax revenue
A
Derived tax revenues result from taxes assessed on nonexchange transaction. Tax on hotel charges, sales taxes, personal and corporate taxes, and motor fuel taxes
2
Q
Uncollectible Revenues
A
GASB N50.115 indicates governments should recognize revenues from property taxes net of estimated uncollectible amounts. The uncollectible taxes is not considered a bad debt expense because the measurement focus of a governmental fund is on expenditures, decreases in resources, rather than expenses.
