WGU C252 Practice Questions Chapter 13 | Questions and Correct Answers 2024

WGU C252 Practice Questions Chapter 13 | Questions and Correct Answers 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 supplementary information. b. A comprehensive annual financial report. c. Basic financial statements only. d. Only the financial section of a comprehensive annual financial report. - Answer -Basic financial statements, management's discussion and analysis, and other required supplementary information. 2. Governmental activities in the government-wide financial statements would potentially report the following equity classifications except a. Restricted net position. b. Restricted fund balance. c. Unrestricted net position. d. Net investment in capital assets. - Answer -Restricted Fund Balance 3. The fund financial statements included in the basic financial statements include separate balance sheets (or statements of net position) for all of the following except a. Fiduciary funds. b. Governmental funds. c. Proprietary funds. d. Discretely presented component units. - Answer -Discretely presented component units 4. A budgetary comparison schedule is required for a. The General Fund and all major governmental funds with legally adopted annual budgets. b. The General Fund and all major Special Revenue Funds with legally adopted annual budgets.c. The General Fund only. d. All governmental funds. - Answer -The General Fund and all major Special Revenue Funds with legally adopted annual budgets. 5. In the proprietary fund statements, a government should include a separate column for a. Each major Enterprise Fund only.