21. In addition to exchange revenues, GASB standards discuss four categories of

Question

21. In addition to exchange revenues, GASB standards discuss four categories of nonexchange revenues. For each of the following revenues recognized by a city indicate the category into which it best fits.

A state grant that the city must accept and use to hire air pollution inspectors

________________________

Revenue from fees charged by the police department to monitor a charity bicycle ride

_______________________

Fines for traffic violations _______________________

A federal grant to support general education services. ___________________

Investments in the state’s investment pool. ________________________

Hotel occupancy tax. ________________________

Local option sales tax ________________________

City library late fees ________________________

Explanation / Answer

1. A state grant that the city must accept and use to hire air pollution inspectors is Government mandated non-exchange transactions

2. Revenue from fees charged by the poolice department to monitor a charity bycycle ride is Imposed non-exchange revenue

3. Fines for traffic violations is Imposed non-exchange revenue

4. A federal grant to support general education service is Government mandated non-exchange transactions

5. Investment in the state's investment pool is Government mandated non-exchange transactions

6. Hotel occupancy tax is Derived tax Revenue

7. Local option sales tax is Derived tax Revenue

8. City library late fees is Imposed non- exchange revenue

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