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WGU PRACTICE QUESTIONS C252 CHAPTER 12/19 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICE QUESTIONS C252 CHAPTER 12/19 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICEQUESTIONS C252
CHAPTER 12/19
QUESTIONS AND
ANSWERS (A+)
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. -
√Answer>Pension trust, private-purpose trust,
investment trust, and Agency Funds.
-2. Even though each of the following funds
involve a form of fiduciary responsibility, the fund
that is not reported as a fiduciary fund for GAAP
reporting purposes is a (an)
a. Investment Trust Fund.
b. Permanent Fund.
c. Private-purpose Trust Fund.
, d. Pension Trust Fund. - √Answer>Permanent
Fund.
-3. Which of the following activities would most
likely be accounted for in an Agency Fund that?
would be reported in the external financial
statements?
a. Tax collections by a county on behalf of local
municipalities.
b. Interfund loan payments and disbursements.
c. A Federal pass-through grant.
d. Special assessments for debt on which the
government is not obligated in any manner. -
√Answer>Tax collections by a county on behalf of
local municipalities.
-4. A Pension Trust Fund that is provided by a
government solely for the benefit of its
employees are known as a
a. Single-employer plan.
b. Cost-sharing plan.
c. Defined contribution plan.
d. Defined benefit plan. - √Answer>Single-
employer plan.
-5. A government receives a donation of $300,000
to establish an endowment fund whose
income is to be used to support scholarships for
local high school students. The school
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