l*******1
发帖数: 175 | 1 同样是问revenue,为什么第一道题是以什么时候collect为标准，而第二道题是以什么
时候levy的为标准？真是搞不懂啊，头大！
Question CPA-01124
Property taxes levied in fiscal year 20X1 to finance the general fund budget
of fiscal year 20X2 should be reported as general fund revenues in fiscal
year 20X2:
a. Regardless of the fiscal year in which collected.
b. For the amount collected in fiscal year 20X2 only.
c. For the amount collected before the end of fiscal year 20X2 only.
d. For the amount collected before the end of fiscal year 20X2 or shortly
thereafter.
Explanation
Choice "d" is correct. Property taxes levied in fiscal year 20X1 to finance
the general fund budget of fiscal
year 20X2 should be reported as general fund revenues in fiscal year 20X2
for the amount collected before
the end of fiscal year 20X2 or shortly thereafter. The treatment is similar
to commercial accounting, but does
not record bad debts as revenues, in spite of the fact that potential "
property tax bad debts" are more assured
of eventual collection because the property is subject to sheriff sales for
collection.
Question CPA-01127
Pine City's year end is June 30. Pine levies property taxes in January of
each year for the calendar year.
One-half of the levy is due in May and one-half is due in October. Property
tax revenue is budgeted for the
period in which payment is due. The following information pertains to Pine's
property taxes for the period
from July 1, 20X0, to June 30, 20X1:
Calendar year
20X0 20X1
Levy $2,000,000 $2,400,000
Collected in:
May 950,000 1,100,000
July 50,000 60,000
October 920,000
December 80,000
The $40,000 balance due for the May 20X1 installments was expected to be
collected in August 20X1. What
amount should Pine recognize for property tax revenue for the year ended
June 30, 20X1?
a. $2,160,000
b. $2,200,000
c. $2,360,000
d. $2,400,000
Explanation
Choice "b" is correct. $2,200,000 property tax revenue recognized for fiscal
year 6-30-x1
Payments due in
Calendar yr Levy fiscal yr 6-30-X1 B
20X0 $2,000,000 × 50% = 1,000,000
20X1 $2,400,000 × 50% = 1,200,000
2,200,000
In accordance with the modified accrual basis of accounting, Pine City
should recognize $2,200,000 of
property tax revenue for the year ended June 30, 20X1. May installments will
be collected within 60 days and
are therefore deemed to be available and eligible for recognition. |
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