WGU C252

Which of the following is not considered to be part of the basic financnial statements? - Management's Discussion and Analysis Governmental funds financial statements typically include the following except? - A Statement of Cash Flows Which of the following statements concerning reporting detail in the government-wide financial statements is false? - Interest expense generally is not allocated to functions for governmental activities Which of the following types of revenues would not be ...

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. - Basic financial statements, management's discussion and anal...

1. Which of the following is not a characteristic of the General Fund? a. Is used to account for all financial resources that are not required to be accounted for in another fund. b. Is used by all governments that report governmental fund activities. c. May require combining statement at year-end when a government has more than one General Fund. d. Is established at inception of a government and exists throughout its life. - c. May require combining statement at year-end when a governmen...

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 Fund or a Debt Service Fund. c. Capital Project Funds may be used only for the acquisition or construction of major capital facil...

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 in a material manner. - c. Both GAAP requirements and legal requirements must be met. 2. Which of the following is considere...

1. 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 - Making decisions based on majority vote of the state legislature 2. What is a major category of government and...