WGU C252 Practice Questions Chapter 5 | Questions and Correct Answers 2024 Update

WGU C252 Practice Questions Chapter 5 | Questions and Correct Answers 2024 Update 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 period expenditures and objectively measurable. - Answer -Both available to finance current period expenditures and objectively measurable. 2. Under the modified accrual basis, revenues are considered available to finance current period expenditures if they are legally available and a. Earned. b. Collected during the current period. c. Collected in the current period or soon enough thereafter to be used to pay liabilities of the current period. d. Objective measureable. - Answer -Collected in the current period or soon enough thereafter to be used to pay liabilities of the current period. 3. Property taxes are an example of which category of nonexchange transactions? a. Derived tax revenue. b. Imposed tax revenue. c. Government mandated nonexchange revenue. d. Voluntary nonexchange revenue. - Answer -Imposed tax revenue. 4. Sale taxes are an example of which category of nonexchange transactions? a. Derived tax revenue. b. Imposed tax revenue. c. Government mandated nonexchange revenue