yurtle8
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Joined: 16 Apr 2011
Location: United States
Online Status: Offline
Posts: 15
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| Posted: 03 May 2011 at 22:13 | IP Logged
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I'm going through the governmental part of the review
material and was wondering if someone could confirm this
for me. Becker explains Non-operating Shared Revenue
(under the Enterprise Fund) as revenues (e.g. sales
taxes) collected by one government (e.g. state) and
shared on a predetermined basis with another (e.g. local)
government. (page F8-56) Then later under Agency Trust
Fund, Tax Collection Funds exist when one local
government collects a tax for an overlapping governmental
unit and remits the amount collected, less administrative
charges, to the recipient unit. Includes Sales tax,
payroll withholding, RE taxes, etc.(page F8-68)
Is it considered Shared Revenue (Enterprise) if both
governmental units recognizes revenue whereas it's
considered Tax Collection (Agency) if no revenue is
recognized since there is no I/S, except for fees revenue
in the general fund? One is actually shared and the
other is simply a pass-through less retaining revenue?
__________________
B - 7/1/11
A - 7/27/11
R - 4/1/11 - 81
F - 5/31/11 - 89
CMA 2011
North Carolina
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Topic: Governmental Shared vs. Tax Collection
Topic Closed)
