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WGU PRACTICE QUESTIONS C252 CHAPTER 2/25 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICE QUESTIONS C252 CHAPTER 2/25 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICEQUESTIONS C252
CHAPTER 2/25
QUESTIONS AND
ANSWERS (A+)
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. - √
Answer>c. Both GAAP requirements and legal
requirements must be met.
-2. Which of the following is considered a
proprietary fund?
a. General Fund.
b. Special Revenue Fund.
c. Permanent Fund.
, d. Internal Service Fund. - √ Answer>d. Internal
Service Fund.
-3. The operations of a city bus line receiving all its
funding from user charges would be accounted for
in
a. A General Fund.
b. An Enterprise Fund.
c. An Internal Service Fund.
d. A Special Revenue Fund. - √ Answer>b. An
Enterprise Fund.
-4. A government can only have one
a. Capital Projects Fund.
b. General Fund.
c. Private-Purpose Trust Fund.
d. Special Revenue Fund. - √ Answer>b. General
Fund.
-5. Which of the following is the basic proprietary
fund accounting equation?
a. Assets - Liabilities = Net Assets.
b. Financial Assets - Related Liabilities = Fund
Balance.
c. Financial Assets + Deferred Outflows - Related
Liabilities - Deferred Inflows = Fund Balance.
d. Assets + Deferred Outflows - Liabilities -
Deferred Inflows = Net Position. - √ Answer>d.
Assets + Deferred Outflows - Liabilities - Deferred
Inflows = Net Position.
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