Apply Modified Accrual Accounting Practice Test

A county government’s General Fund (modified accrual; GASB) levied $5,000,000 of property taxes during the current fiscal year. At year-end, $4,700,000 is expected to be collected within 60 days after year-end, and $200,000 is expected to be collected after 60 days; $100,000 is expected to be uncollectible. How should the General Fund measure the net amount of property taxes to report as receivable at year-end?

A city government adopted an annual budget for its General Fund. The budget estimated revenues of $9,500,000 and appropriated expenditures of $9,300,000. During the year, the city recorded budgetary entries at the beginning of the year. At year-end, actual revenues were $9,650,000 and actual expenditures were $9,280,000 (modified accrual; GASB). What is the appropriate accounting treatment for the budgetary accounts at year-end in the General Fund?