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WGU PRACTICE QUESTIONS C252 CHAPTER 7/30 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICE QUESTIONS C252 CHAPTER 7/30 QUESTIONS AND ANSWERS (A+)
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WGU PRACTICEQUESTIONS C252
CHAPTER 7/30
QUESTIONS AND
ANSWERS (A+)
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
facilities.
d. Most capital projects last only for one fiscal
year. - √Answer>Routine capital purchases such
as vehicles and equipment often may be financed
and accounted for in a General Fund.
-2. Which of the following is true?
, a. A government is required to record each major
general government capital project in a separate
Capital Projects Fund.
b. Acquisition or construction of general
government capital assets must always be
accounted for through a Capital Projects Fund.
c. A Capital Projects Fund is not required unless a
project is financed by issuing bonds.
d. A Capital Projects Fund may be used to acquire
vehicles and equipment. - √Answer>A Capital
Projects Fund may be used to acquire vehicles
and equipment.
-3. Which of the following capital asset-related
transactions would most likely be accounted for
through a Capital Projects Fund?
a. A major general government capital lease
transaction.
b. Purchase of multiple computers for general
government departments.
c. Construction of a general government office
building.
d. Maintenance of general government fixed
assets. - √Answer>Construction of a general
government office building.
-4. Which of the following statements is false?
a. Capital leases are not commonly reported in a
Capital Projects Fund.
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