Question

under the modified accrual basis of accounting, gasb standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected:

Answer 1

Revenue for property taxes collected more than 30 days after the fiscal year's end should not be recognised on the accrual method of accounting, according to GASB guidelines.

For state and municipal governments in the United States, generally accepted accounting principles (GAAP) are developed by the Government Accounting Standards Board (GASB), a private non-governmental organisation.

The transaction process must be initiated by a crucial event in accordance with generally accepted accounting standards (GAAP). According to GAAP, revenues are acknowledged when they are earned and realised, not necessarily when they are received. However, profits are frequently made and received in a single transaction.

Learn more about GASB here:

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