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WGU C252 Practice Questions Chapter 2 2024 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...

WGU C252 Practice Questions Chapter 7 2024 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...

WGU C252 Practice Questions Chapter 3 2024 1. Which of the following is not a characteristic of the General Fund? a. Is used to account for all financial resources that are not required to be accounted for in another fund. b. Is used by all governments that report governmental fund activities. ...

WGU C252 Practice Questions Chapter 13, 2024 1. When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include a. Basic financial statements, management's discussion and analysis, and other required ...

WGU C252 Practice Questions Chapter 5 (2024) 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 perio...

WGU C252 Practice Questions Chapter 4(2024) 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 accoun...

WGU C252 Practice Questions Chapter 10 ,2024 1. The use of an Enterprise Fund is required by generally accepted accounting principles in each of the following situations except a. When user fees are charged for the majority of the activity's operations. b. When an activity is financed with d...

WGU C252 Practice Questions Chapter 12 2024 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 ...

WGU C252 Governmental Accounting 2024 Which Activity is aligned with the actions of a governing body of a governmental and nonprofit organization? A) Resolving differences quickly for dissatisfied constituents B) Ensuring the constituents receive value for their equity shares C) Making decisio...

WGU C252 Governmental and Nonprofit Accounting - Retake Study Plan 2024 The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is: A Governmental Accounting Standards Board (GASB) B Financial Accounting S...