Homework Answers
What amount should Cass record as estimated revenues for the new fiscal year?
Ans : (D) $ 4,550,000
Explanation:
| Property Taxes | $ 4,000,000 |
| Licenses and permits | $ 300,000 |
| Intergovernmental revenues | $ 250,000 |
| Total Revenue | $ 4,550,000 |
( Transfers in from other funds are classified as "Other Financing Sources" and are not revenues. Therfore it is not included in computation.)
Which of the following funds would be most appropriate for the use of the current financial resources measurement focus and the modified accrual basis of accounting?
Ans: Option ( C)
Yes. No. No
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