Question

Under GASB standards, Revenues must be credited for the total amount of the property tax levy.

True
False

Answer 1

Under GASB standards, Revenues must not be credited for the total amount of the property tax levy.

Step-by-step explanation:

False. Under GASB (Governmental Accounting Standards Board) standards, Revenues are not credited for the total amount of the property tax levy. Instead, revenues are recognized only when they are measurable and available. This means that the property tax revenues should be recognized as revenue in the accounting period in which the taxes are actually collected or become available for use.