[Anonymous]

what is the difference between levied and enforceable legal claim?

Ninja mcqs has questions that say:

a tax is Levied in year 1. Collected in year 2 and the levy does not legally attach until year 3 How much is reported as revenue?

I know that you can record revenue for imposed nonexchange transactions when the tax is “Levied” so is it assumed that levied also implies enforceable legal claim unless the question specifies otherwise?

I’m really having trouble with recognition of nonexchange revenue and this “levied” vs “legally enforceable” thing seems to be at the crux of it..

[Anonymous]

Bump, anyone know?

[Author]

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