WGU C252 Exam Bundle Questions and Answers 100% Verified

2. Employees of the City of Calderwood are paid from the General Fund. These employees are paid for amounts earned over a two week period. The amount due to the employees is disbursed one week later. The last payroll period in December ended December 27, 20X2. The fiscal year ended December 31, 2...

2. Under the modified accrual basis, revenues are considered available to finance current period expenditures if they are legally available and a. Earned. b. Collected during the current period. c. Collected in the current period or soon enough thereafter to be used to pay liabilities of the curr...

3. The operations of a city bus line receiving all its funding from user charges would be accounted for in a. A General Fund. b. An Enterprise Fund. c. An Internal Service Fund. d. A Special Revenue Fund. - ANSWER-b. An Enterprise Fund. 4. A government can only have one a. Capital Projects F...

2. Which of the following characteristics best distinguishes a government entity from a business entity? a. Governments operate in a very small section of the economy while businesses operate globally. b. Cost analysis and other control and evaluation techniques are essential to ensure that resour...

2. Which of the following is true? a. A government is required to record each major general government capital project in a separate Capital Projects Fund. b. Acquisition or construction of general government capital assets must always be accounted for through a Capital Projects Fund. c. A Capita...

1. When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include a. Basic financial statements, management's discussion and analysis, and other required supplementary information. b. A comprehensive ann...

2. Which of the following statements is false concerning interest capitalization? a. Generally accepted accounting principles require the capitalization of certain types of interest in Enterprise Funds. b. Interest cost should not be capitalized for asset acquisitions financed by restricted gifts ...

2. Even though each of the following funds involve a form of fiduciary responsibility, the fund that is not reported as a fiduciary fund for GAAP reporting purposes is a (an) a. Investment Trust Fund. b. Permanent Fund. c. Private-purpose Trust Fund. d. Pension Trust Fund. - ANSWER-Permanent Fu...