Identifying Types of Revenue TransactionsRequiredUsing the requirements of GASB Statement...

Transactions

Types of Revenue

1.

Property taxes were levied by the general fund.

A.

Derived tax revenue

2.

The electric utility (enterprise) fund billed the general

B.

Imposed nonexchange

fund for power usage.

revenue

3.

The city received a state grant for training its police

C.

Government-mandated

force in additional security measures of public

nonexchange transaction

property.

D.

Voluntary nonexchange

4.

The city estimated its share of locally generated

transaction

sales taxes that it expects to receive within the

E.

None of the above

next month.

5.

The city collected various fines it imposed during

the period.

6.

The city sold excess office equipment from its

municipal headquarters.

7.

The city received resources from the state that must

be used to pay for local welfare costs.

8.

The city received a bequest from a local citizen to

buy children’s recreational items for the city park.

9.

The city collects its share of the local hotel taxes

for which the proceeds are legislatively required

to be used for a new community convention center.

10.

The state reimburses the city for specific costs

related to extra security training of the city’s fire

department employees.

11.

The city receives its share of funds for environmental

improvement resources under a state-required

program.

12.

The city receives resources from the federal

government to acquire new fire-prevention

equipment. The equipment has not yet been

acquired.

13.

The city receives grant monies under a state program

encouraging cities to make their infrastructure assets

wheelchair-accessible.

14.

A company that manufactures road-repaving

materials gives the city a grant for the company

to conduct a research project on the durability of

various types of road repair materials.