WGU C252 Practice Questions Chapter & Answers
13, 2026
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.
b. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, and Enterprise
Funds total
only.
c. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, Enterprise
Funds total, and
Internal Service Funds in the aggregate.
d. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, Enterprise
Funds total,
Internal Service Funds in the aggregate, and Proprietary Funds total. - answer-Each major
Enterprise
Fund, nonmajor Enterprise Funds in the aggregate, Enterprise Funds Total, and Internal
Service Funds in
the aggregate
6. In the fund financial statements, a government should include a separate column for all of
the
following except
a. Each major Enterprise Fund.
b. Each major Internal Service Fund.
c. Each major Capital Projects Fund.
d. Each major Permanent Fund. - answer-Each major Internal Service Fund
7. Which governmental fund must always be reported in a separate column in the
governmental
fund financial statements?
a. Capital Projects Fund.
b. Debt Service Fund.
c. General Fund.
d. Special Revenue Fund. - answer-General Fund.
8. In the government-wide statement of net position, interfund receivables and payables
a. Should not be reported.
b. Should only be reported for balances payable between governmental activities and
business-type
activities.
c. Can be reported in either the governmental activities or business-type activities columns.
d. Should be eliminated in the governmental activities column but not the business-type
activities
column. - answer-Should only be reported for balances payable between governmental
activities and
13, 2026
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.
b. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, and Enterprise
Funds total
only.
c. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, Enterprise
Funds total, and
Internal Service Funds in the aggregate.
d. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, Enterprise
Funds total,
Internal Service Funds in the aggregate, and Proprietary Funds total. - answer-Each major
Enterprise
Fund, nonmajor Enterprise Funds in the aggregate, Enterprise Funds Total, and Internal
Service Funds in
the aggregate
6. In the fund financial statements, a government should include a separate column for all of
the
following except
a. Each major Enterprise Fund.
b. Each major Internal Service Fund.
c. Each major Capital Projects Fund.
d. Each major Permanent Fund. - answer-Each major Internal Service Fund
7. Which governmental fund must always be reported in a separate column in the
governmental
fund financial statements?
a. Capital Projects Fund.
b. Debt Service Fund.
c. General Fund.
d. Special Revenue Fund. - answer-General Fund.
8. In the government-wide statement of net position, interfund receivables and payables
a. Should not be reported.
b. Should only be reported for balances payable between governmental activities and
business-type
activities.
c. Can be reported in either the governmental activities or business-type activities columns.
d. Should be eliminated in the governmental activities column but not the business-type
activities
column. - answer-Should only be reported for balances payable between governmental
activities and
