AICPA每日一练之FAR【2016-3-4】

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In accordance with GASB 33, Accounting and Financial Reporting for Nonexchange Transactions, how is each of the following items classified?

Fines Corporate income taxes

A. Derived revenue Imposed revenue

B. Imposed revenue Derived revenue

C. Derived revenue Derived revenue

D. Imposed revenue Imposed revenue

Answer:B

This answer is correct. According to the guidance provided by GASB 33, fines are an example of an imposed nonexchange revenue, while corporate income taxes are an example of a derived tax revenue.

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