Final answer:
In governmental accounting, property taxes due and collectible after the fiscal year-end are recorded as revenues in the fiscal year for the General Fund if they meet the 'measurable and available' criteria, but not for Governmental Activities which use the accrual basis.
Step-by-step explanation:
The student's question relates to the accounting treatment for property taxes due and collectible after the fiscal year-end in governmental accounting, according to the modified accrual basis of accounting typically used for governmental funds like the General Fund. The correct answer to the question is Option A: Yes for General Fund, No for Governmental Activities. This means that the property taxes in question would be recorded as revenues in the General Fund when they are measurable and available, typically within 60 days after year-end. However, for government-wide financial statements, which include Governmental Activities and are reported using the accrual basis of accounting, these taxes would not be recognized as revenue in the fiscal year if they are not collected within the available period.
Municipal governments in the U.S. collect property taxes to fund various services. These taxes are accrued as revenue in the period for which they are levied. However, if they are to be collected more than 60 days after the fiscal year, they are deferred and recognized in the subsequent period in fund financial statements but are recognized when levied in government-wide statements.