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WGU PRACTICE QUESTIONS C252 CHAPTER 4/18 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICE QUESTIONS C252 CHAPTER 4/18 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICEQUESTIONS C252
CHAPTER 4/18
QUESTIONS AND
ANSWERS (A+)
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 - √ Answer>Formally integrates its
budget into its accounts.
-2. Under an encumbrance system, which account
is debited when a purchase order is issued?
a. Expenditures
b. Appropriations
c. Encumbrances
d. Encumbrances Outstanding - √
Answer>Encumbrances.
, -3. As part of a government's basic financial
statements and required supplementary
information, a
budgetary comparison statement or schedule
should be presented as
a. A basic Financial statement
b. In the other information section of the CAFR
c. Replace expense accounting in governments.
d. Prevent government waste - √ Answer>A basic
financial statement.
-4. The purpose of encumbrance accounting is to
a. Manage a government's cash flows
b. Avoid expenditures exceeding appropriations
c. Replace expense accounting in governments
d. Prevent government waste - √ Answer>Avoid
expenditures exceeding appropriations.
-5. As part of a government's basic financial
statements and required supplementary
information, a
budgetary comparison schedule is required for
which funds?
a. All governmental funds
b. All governmental funds with legally adopted
annual budgets
c. General Fund Only
d. General Fund and certain Special Revenue
Funds with legally adopted annual budgets. - √
Answer>General Fund and certain Special
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