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ryzh [129]
2 years ago
15

How should a governmental unit classify the fines it assesses?

Social Studies
1 answer:
pashok25 [27]2 years ago
7 0

A governmental unit classifies the fines it assesses as Imposed nonexchange revenue

Imposed nonexchange revenues result from assessments imposed on nongovernmental entities, including individuals, other than assessments on exchange transactions. Examples are property taxes, fines, and forfeitures.

The fund liability is incurred, if measurable, besides for unmatured interest on well-known lengthy-term debt, which has to be identified while due. Proprietary fund revenues and fees must be recognized on an accrual basis.

Learn more about Governmental fines here:-brainly.com/question/24014855

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