CH 2: Exercise 2-1, Questions

1. J

2. G

3. A

4. H

5. A

6. B

7. A

8. I

9. A

10. F

Chapter 4 - Exercise 4-1, answer # 1 through 10

1. Under the modified accrual basis of accounting, revenues cannot be recognized

d. Until they are measurable and available

1. ''Available'' (as in ''measurable and available'') means

a. Available to finance expenditures of the current period

1. Property taxes are an example of

b. An imposed non exchange transaction

1. To be considered ''available,'' property taxes must have been collected either during the

c. Sixty days of year-end

1. For its fiscal year ending September 30, 2007, Twin City levied 500 million in property taxes. It collected taxes applicable to fiscal 2007 as follows (in millions):

June 1, 2006, through September 30, 2006 ...