WGU C252 Practice Questions Chapter 2 | Questions and Correct Solutions 2024

WGU C252 Practice Questions Chapter 2 | Questions and Correct Solutions 2024 If a government is obligated to legally report information in a manner that differs from GAAP A. GAAP takes precedence over the legal requirements. B. Legal requirements take precedence over GAAP C. Both GAAP requirements and legal requirements must be met. D. Information should be presented that meets as many legal requirements as possible without violating GAAP in a material manner. - Answer -C Which of the following is not a fund category used by state and local governments? A. Fiduciary funds. B. Plant and Equipment funds. C. Governmental funds. D. Proprietary funds. - Answer -B Which of the following is an official fund category used by state and local governments? A. Current funds. B. Expendable funds. C. Governmental funds. D. General capital asset funds. - Answer -C Which of the following is considered a proprietary fund? A. General fund. B. Special Revenue fund. C. Permanent fund. D. Internal Service fund. - Answer -D The operations of a city bus line receiving all its fundin