AICPA每日一练之FAR【2016-1-24】

高顿网校2016-01-22 10:50Lynn.yu
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During the current year, Wythe County levied $2,000,000 property taxes, 1% of which is expected to be uncollectible. During the year, the county collected $1,800,000 and wrote off $15,000 as uncollectible. What amount should Wythe County report as property tax revenue in its government-wide statement of activities for the current year?

A. $1,980,000

B. $1,985,000

C. $1,800,000

D. $2,000,000

Answer:A

A is correct. The requirement is to determine the amount of property tax revenue that should be reported in the current year. The county should use the accrual method for the revenue and record it at the amount expected to be collected, which is $1,980,000 [$2,000,000 – (1% × $2,000,000)].

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