WGU C252 Practice Questions Chapter 12 | Questions and Correct Answers 2024

WGU C252 Practice Questions Chapter 12 | Questions and Correct Answers 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 Funds. d. Expendable trust, nonexpendable trust, pension trust, and Investment Trust Funds. - Answer -Pension trust, private-purpose trust, investment trust, and Agency Funds. 2. Even though each of the following funds involve a form of fiduciary responsibility, the fund that is not reported as a fiduciary fund for GAAP reporting purposes is a (an) a. Investment Trust Fund. b. Permanent Fund. c. Private-purpose Trust Fund. d. Pension Trust Fund. - Answer -Permanent Fund. 3. Which of the following activities would most likely be accounted for in an Agency Fund that would be reported in the external financial statements? a. Tax collections by a county on behalf of local municipalities. b. Interfund loan payments and disbursements. c. A Federal pass-through grant. d. Special assessments for debt on which the government is not obligated in any manner. - Answer -Tax collections by a county on behalf of local municipalities. 4. A Pension Trust Fund that is provided by a government solely for the benefit of its employees is k