WGU C252

WGU C252 PA EXAM / 60 QUESTIONS AND ANSWERS ALL CORRECT / 2023/2024 GRADED A+. WGU Practice Questions C252 Chapter 7 2023 1. 1. Which of the following statements is true concerning accounting and financial reporting practices related to capital asset acquisitions? a. Routine capital purchases such as vehicles and equipment often may be financed and accounted for in a General Fund. b. Most capital lease transactions related to governmental funds are accounted for in either the General F...

WGU C252 EXAM/ QUESTIONS AND ANSWERS ALL CORRECT 2023/2024 /VERIFIED ANSWERS . WGU Practice Questions C252 Chapter 2 1. 1. If a government is obligated to legally report information in a manner that differs from GAAP a. GAAP take precedence over the legal requirements. b. Legal requirements take precedence over GAAP. c. Both GAAP requirements and legal requirements must be met. d. Information should be presented that meets as many legal requirements as possible without violating GAAP i...

WGU C252 EXAM/ QUESTIONS AND ANSWERS ALL CORRECT 2023/2024 /VERIFIED ANSWERS . WGU Practice Questions C252 Chapter 2 1. 1. If a government is obligated to legally report information in a manner that differs from GAAP a. GAAP take precedence over the legal requirements. b. Legal requirements take precedence over GAAP. c. Both GAAP requirements and legal requirements must be met. d. Information should be presented that meets as many legal requirements as possible without violating GAAP i...

The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is: A Governmental Accounting Standards Board (GASB) B Financial Accounting Standards Board (FASB) C Government Accounting and Auditing Committee of the AICPA (GAAC) D National Council on Governmental Accounting (NCGA) - (A) GASB What is the basic criterion used to determine the reporting entity for a governmental unit? A Special financing arran...

Which Activity is aligned with the actions of a governing body of a governmental and nonprofit organization? A) Resolving differences quickly for dissatisfied constituents B) Ensuring the constituents receive value for their equity shares C) Making decisions based on majority vote of the state legislature D) Providing services on a profitable basis through the private sector - C) Making decisions based on majority vote of the state legislature What is a major category of government and no...

1. Which types of funds are classified as fiduciary funds? a. Pension trust, private-purpose trust, and Investment Trust Funds. b. Pension trust, permanent trust, and Agency Funds. c. Pension trust, private-purpose trust, investment trust, and Agency Funds. d. Expendable trust, nonexpendable trust, pension trust, and Investment Trust Funds. - Pension trust, private-purpose trust, investment trust, and Agency Funds. 2. Even though each of the following funds involve a form of fiduciary resp...

1. The use of an Enterprise Fund is required by generally accepted accounting principles in each of the following situations except a. When user fees are charged for the majority of the activity's operations. b. When an activity is financed with debt that is secured solely by the pledge of revenues. c. When laws and regulations require that the activity's costs be recovered with fees and charges. d. When pricing policies of the activity establish fees and charges are designed for cost rec...

1. A city's General Fund general ledger includes accounts called Estimated Revenues, Appropriations, and Encumbrances. This indicates that the city a. Formally integrates its budget into its accounts b. Uses a cash plus encumbrances basis of accounting c. Maintains its accounts on an accrual basis d. Erroneously reports encumbrances as expenditures - Formally integrates its budget into its accounts. 2. Under an encumbrance system, which account is debited when a purchase order is issued...

1. Under the modified accrual basis, revenues are considered susceptible to accrual if a. Available to finance current period expenditures. b. Objectively measurable. c. Collected during the current period. d. Both available to finance current period expenditures and objectively measurable. - Both available to finance current period expenditures and objectively measurable. 2. Under the modified accrual basis, revenues are considered available to finance current period expenditures if they...