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Listed below in the left column are some events that may or may not be revenues for the General Fund. Listed in the right column are the classifications of revenues for governmental funds. Correctly match each event with the appropriate revenue classification. Unless specifically stated otherwise, assume all amounts are earned, measurable, and available. If the event is not a revenue, state how the event would be reported in the current year General Fund financial statements. Each type of revenue may be used once, more than once, or not at all.

Resource Flow
1.   Sales taxes collected locally.
2.   Ad valorem taxes for which the levy has been made but are due and payable in the following fiscal year.
3.   Billing for garbage services provided to the Enterprise Fund by the Sanitation Department (accounted for in the General Fund).
4.   Realized gain from the sale of an investment.
5.   Gas taxes collected by the state and allocated based on a predetermined formula.
6.   Cash received from the issuance of long-term debt.
7.   Property taxes levied, due, and payable in the prior fiscal year and collected in the first 60 days of the current fiscal year.
8.   Payment from the Library Special Revenue Fund to the General Fund for a utility bill originally paid from General Fund resources for the entire government.
9.   Payments made by the local university to the City in lieu of paying property taxes on university-owned land.
10.   Property taxes levied for the current year and collected in the first 60 days of the following fiscal year.
11.   Cash collections from speeding tickets enforced in municipal court.
12.   Unrealized loss on an investment at the end of the current fiscal year.
13.   Cash received from an operating grant where the time restriction has not been met.
14.   Cash collected for electrical inspections made in new home construction.
15.   Interest earned on investments.
16.   Pass through grant for which the City has administrative responsibility.
17.   Quarterly federal income tax payments from taxpayers.
18.   Receipt of cash for a capital grant for which the qualifying expenditures have not yet been made.
19.   Cash received on next year’s property taxes.
20.   Cash received from a short-term borrowing.   Type of Revenue
A.   Taxes

B.   Licenses and Permits

C.   Intergovernmental Revenues

D.   Charges for Services

E.   Fines and Forfeits

F.   Investment Income

G.   Not a revenue
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Using: Governmental and Nonprofit Accounting: Theory and Practice, 11e (Freeman)
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Answers:
1.   A
2.   G – Deferred Revenue
3.   D
4.   F
5.   C
6.   G – Other Financing Source
7.   G – Not reported (revenue of previous year)
8.   G – Not separate reported (reimbursement)
9.   C
10.   A
11.   E
12.   F (but a negative revenue)
13.   G – Deferred Revenue
14.   D
15.   F
16.   C
17.   G – Liability to the federal government (may be accounted for in  an Agency Fund
18.   G – Unearned Revenue
19.   G – Deferred inflows—Taxes collected in advance
20.   G – Fund liability

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