When the government collects funds from it's citizens or other parties, pursuant to GASB No. 33, this is a nonexchange revenue (in other words its not a sale, it is a taking). There are four major categories that are set forth in GASB No. 33. The collection of fines best fits which category?
O a. none of the choices are valid
O b. imposed nonexchange revenues
O c. voluntary nonexchange transactions
O d. government mandated nonexchange transactions
O e. all of the choices are valid
O f. derived tax revenues
In governmental accounting, what is the primary difference in modified accrual and full accural?
O a. Full accrual means that all accounts are based on what has happened not what actually has been received
O b. There are no long-term assets or long-term debt allowed in modified accrual
O c. Modified does not include long-term assets
O d. Modified does not include long-term liabilities
O e. There are no long-term assets