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WGU PRACTICE QUESTIONS C252 CHAPTER 5/24 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICE QUESTIONS C252 CHAPTER 5/24 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICEQUESTIONS C252
CHAPTER 5/24
QUESTIONS AND
ANSWERS (A+)
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. -
√Answer>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 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 current
period.
, d. Objective measurable. - √Answer>Collected in
the current period or soon enough thereafter to be
used to pay liabilities of the current period.
-3. Property taxes are an example of which
category of nonexchange transactions?
a. Derived tax revenue.
b. Imposed tax revenue.
c. Government mandated nonexchange revenue.
d. Voluntary nonexchange revenue. -
√Answer>Imposed tax revenue.
-4. Sale taxes are an example of which category of
nonexchange transactions?
a. Derived tax revenue.
b. Imposed tax revenue.
c. Government mandated nonexchange revenue.
d. Voluntary nonexchange revenue. -
√Answer>Derived tax revenue.
-5. State reimbursement to schools for a portion of
any special education costs incurred is an
example of which category of nonexchange
transactions?
a. Derived tax revenue.
b. Imposed tax revenue.
c. Government mandated nonexchange revenue.
d. Voluntary nonexchange revenue. -
√Answer>Government mandated nonexchange
revenue.
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