ACCT 4421 Exam 1: ch 4 Questions and
Answers 100% Solved
derived tax revenues taxes imposed on or derived from exchange transactions, such as
commercial sales (sales taxes), taxpayer income (income taxes), etc.
imposed non-exchange revenues taxes imposed on non-exchange transactions (fines) or
wealth (property taxes)
govt. mandated non-exchange represents instances in which one government provides
resources to another government and requires the resources be used for a specific purpose:
acceptance and use are MANDATORY
voluntary non-exchange results from legislative or contractual agreements entered into
willingly by 2 or more parties; similar to govt. mandated but differ in that the recipient govt. is
not required to accept
1. time requirements
2. purpose requirements 2 limitations on the government's use of resources received in a
non-exhcnage transaction?
, time requirements recognize revenue in the period in which the revenues are required or
may be used
purpose requirements specify the purpose for which the resources must be used (may or
may not hold up recognition)
imposed non-exchange (recognition standards)- receivables are recorded when the govt
has an enforceable legal claim (when property taxes are levied); revenues, however, are only
recognized subject to the availability criterion
tax levy amount billed to taxpayer, amount for which a receivable is established; = tax
rate x assessed value
tax rate set by legislative action once the required size of the lev is determined; = tax
levy/assessed value
assessed valuation determined by an elected tax assessor
Answers 100% Solved
derived tax revenues taxes imposed on or derived from exchange transactions, such as
commercial sales (sales taxes), taxpayer income (income taxes), etc.
imposed non-exchange revenues taxes imposed on non-exchange transactions (fines) or
wealth (property taxes)
govt. mandated non-exchange represents instances in which one government provides
resources to another government and requires the resources be used for a specific purpose:
acceptance and use are MANDATORY
voluntary non-exchange results from legislative or contractual agreements entered into
willingly by 2 or more parties; similar to govt. mandated but differ in that the recipient govt. is
not required to accept
1. time requirements
2. purpose requirements 2 limitations on the government's use of resources received in a
non-exhcnage transaction?
, time requirements recognize revenue in the period in which the revenues are required or
may be used
purpose requirements specify the purpose for which the resources must be used (may or
may not hold up recognition)
imposed non-exchange (recognition standards)- receivables are recorded when the govt
has an enforceable legal claim (when property taxes are levied); revenues, however, are only
recognized subject to the availability criterion
tax levy amount billed to taxpayer, amount for which a receivable is established; = tax
rate x assessed value
tax rate set by legislative action once the required size of the lev is determined; = tax
levy/assessed value
assessed valuation determined by an elected tax assessor
