Question 1: Assuming that a government will collect its sales taxes in sufficient time to satisfy the available criterion, it would ordinarily recognize revenue from sales taxes in its governmental fund statements
a. when the underlying sales transaction takes place
b. on the date the merchant must remit the taxes to the government
c. on the date the merchant must file a tax return
d. when the taxes are received by the government
Question 2: Assuming that a government will collect its sales taxes in sufficient time to satisfy the available criterion, it would ordinarily recognize revenue from sales taxes in its government-wide statements
a. when the underlying sales transaction takes place
b. on the date the merchant must remit the taxes to the government
c. on the date the merchant must file a tax return
d. when the taxes are received by the government