WGU C252 Governmental and Nonprofit Accounting - Retake Study Plan | Questions and Verified Solutions 2024 Update

WGU C252 Governmental and Nonprofit Accounting - Retake Study Plan | Questions and Verified Solutions 2024 Update 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 Standards Board (FASB) C Government Accounting and Auditing Committee of the AICPA (GAAC) D National Council on Governmental Accounting (NCGA) - Answer -(A) GASB What is the basic criterion used to determine the reporting entity for a governmental unit? A Special financing arrangement B Geographic boundaries C Scope of public services D Financial accountability - Answer -(D) FINANCIAL ACCOUNTABILITY The responsibility for developing goals and objectives for state and local government policy decisions belongs to: A Constituents, legislative body, and other regulatory authorities B Federal Government C State governments, based on federal mandates D Governmental Accounting Standards Board - Answer -(A) CONSTITUENTS, LEGISLATIVE BODY, AND OTHER REGULATORY AUTHORITIES Where is the management's discussion and analysis (MD&A) required to be presented? A Before the financial statements B Before the notes to the finanical statements, but after the financial statements C In the notes to the financial