WGU C252 - Governmental and Nonprofit Accounting (Chapter 13) | Questions and Correct Answers Latest

WGU C252 - Governmental and Nonprofit Accounting (Chapter 13) | Questions and Correct Answers Latest Which of the following is not considered to be part of the basic financnial statements? - Answer - Management's Discussion and Analysis Governmental funds financial statements typically include the following except? - Answer -A Statement of Cash Flows Which of the following statements concerning reporting detail in the government-wide financial statements is false? - Answer -Interest expense generally is not allocated to functions for governmental activities Which of the following types of revenues would not be considered a program revenue? - Answer - Recreation fees charged to participate in the city's soccer league Which of the following are typically included in functional expenses for governmental activities? - Answer -Depreciation, Interest, Departmental supplies, Salaries expense (reported on separate line) Which of the following statements is true concerning major fund reporting? - Answer -Major fund reporting is required for governmental funds and enterprise funds The Balance Sheet for governmental funds would potentially include all of the following items except a. liens receivable b. deferred revenue c. bonds payable due in five years d. assigned fund balance - Answer -Deferred revenue The Statement of Revenues, Expenditures, and Changes in Fund Balance does not report - Answer - Depreciation The fund(s) for which budgetary comparisons would potentially be included in the basic financial statements are - Answer -General Fund and major Special Revenu