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WGU PRACTICE QUESTIONS C252 CHAPTER 13/26 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICE QUESTIONS C252 CHAPTER 13/26 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICEQUESTIONS C252
CHAPTER 13/26
QUESTIONS AND
ANSWERS (A+)
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 annual financial report.
c. Basic financial statements only.
d. Only the financial section of a comprehensive
annual financial report. - √Answer>Basic financial
statements, management's discussion and
analysis, and other required supplementary
information.
-2. Governmental activities in the government-
wide financial statements would potentially
report the following equity classifications except
a. Restricted net position.
b. Restricted fund balance.
, c. Unrestricted net position.
d. Net investment in capital assets. -
√Answer>Restricted Fund Balance
-3. The fund financial statements included in the
basic financial statements include separate
balance sheets (or statements of net position) for
all of the following except
a. Fiduciary funds.
b. Governmental funds.
c. Proprietary funds.
d. Discretely presented component units. -
√Answer>Discretely presented component units
-4. A budgetary comparison schedule is required
for
a. The General Fund and all major governmental
funds with legally adopted annual budgets.
b. The General Fund and all major Special
Revenue Funds with legally adopted annual
budgets.
c. The General Fund only.
d. All governmental funds. - √Answer>The
General Fund and all major Special Revenue
Funds with legally adopted annual budgets.
-5. In the proprietary fund statements, a
government should include a separate column for
a. Each major Enterprise Fund only.
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