Which of the following is not a true statement regarding revenues from various t

Question

Which of the following is not a true statement regarding revenues from various types of nonexchange transactions? Multiple Choice

a. Derived tax revenues occur as a result of sales and or income tax.

b. Imposed nonexchange revenues consist of only fines and penalties assess by the governing agency.

c. Government mandated nonexchange transactions includes grants from the federal government to the local public school system for a free lunch program.

d. Voluntary nonexchange transactions can originate from a governmental agency or private citizen organization.

e. Imposed nonexchange transactions revenue recognition is made in the time period when the resulting resources are required to be used or in the first period in which use is permitted.

Explanation / Answer

b is false , imposed nonexchange revenues also include property taxes.

not only fines and penalties.

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