1. In what fund would you record payment of a firefighter\'s salary? 2. Explain
ID: 2490210 • Letter: 1
Question
1. In what fund would you record payment of a firefighter's salary? 2. Explain encumbrances. Give an example to show you understand the concept. 3. Explain how a property tax levy is determined. Give an example. 4. Explain the term "delinquent taxes." 5. How do governments use tax anticipation notes? 6. What is the procedure for recording goods received that were ordered in a prior budget year? 7. Explain the term fiscal year? Give an example to illustrate your understanding. 8. What accounts in the General Fund are generally closed at the end of the period? 9. When does a government use a special revenue fund? 10. Explain iinterfund transfers. 11. What are govenment-wide financial statements? 12. Explain how governments record their budget.
Explanation / Answer
Solution.
Explain the term "delinquent taxes.
Delinquent tax refers to a tax that is unpaid after the payment due date. Usually a penalty is attached to a delinquent tax. The power, jurisdiction and authority to collect all delinquent taxes are vested in the state tax commission.
An action to recover delinquent taxes is not an action upon a contract, obligation, or liability, not founded upon an instrument in writing, but is one which arises upon a liability created by statute, other than a penalty or forfeiture.
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