WGU C252 Governmental Accounting | 60 Questions and Correct Answers 2024

WGU C252 Governmental Accounting | 60 Questions and Correct Answers 2024 Which Activity is aligned with the actions of a governing body of a governmental and nonprofit organization? A) Resolving differences quickly for dissatisfied constituents B) Ensuring the constituents receive value for their equity shares C) Making decisions based on majority vote of the state legislature D) Providing services on a profitable basis through the private sector - Answer -C) Making decisions based on majority vote of the state legislature What is a major category of government and nonprofit organizations? A) S Corporations B) C Corporations C) Municipalities D) Partnerships - Answer -C) Municipalities What is one reason government and nonprofit entities exist? A) To provide economic value B) To maximize long-term viability C) To provide goods and services D) To maximize size and societal impact - Answer -C) To provide goods and services Which standard-setting body governs industrial development authorities established by a municipality? A) FAFB) FASB C) GASB D) NCGA - Answer -C) GASB Which entity is currently responsible for issuing standards for users of governmental financial reports? A) FAF B) FASB