WGU C252 Governmental
Accounting 2026
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) FAF
B) 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
C) GASB
D) NCGA - answer-C)GASB
What is one reason for financial reporting by nonprofit entities?
A) To generate relationships to aid financial resource gathering
B) To allow the assessment of how managers fulfill their duties
C) To aid external oversight by the government over the organization
D) To create interest in the organization among the external population - answer-B) To
allow the
assessment of how managers fulfill their duties
What is a classification of net assets reported by not-for-profit organizations that
indications donor-
imposed requirements?
A) Assigned net assets
B) Committed net assets
C) Temporarily restricted net assets
D) Permanently reserved net assets - answer-C) Temporarily restricted net assets
Where should a nonprofit's investment earnings be reported if the earnings are restricted
to research
projects, per donor request?
A) Research expenses
B) Investment expenses
C) Temporarily restricted revenues
D) Permanently restricted revenues - answer-C) Temporarily restricted revenues
A general government department donates a capital asset with an original cost of $50,000
to an
enterprise fund. The net book value as of the date of donation is $17,500. Which entry
should be
recorded by the enterprise fund?
A) A debit to Capital Assets of $17,500 and a credit to Transfer In of $17,500
B) A debit to Capital Assets of $17,500 and a credit to Capital Contribution of $17,500
C) A debit to Capital Assets of $50,000 and credits to Accumulated Depreciation of $32,500
Accounting 2026
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) FAF
B) 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
C) GASB
D) NCGA - answer-C)GASB
What is one reason for financial reporting by nonprofit entities?
A) To generate relationships to aid financial resource gathering
B) To allow the assessment of how managers fulfill their duties
C) To aid external oversight by the government over the organization
D) To create interest in the organization among the external population - answer-B) To
allow the
assessment of how managers fulfill their duties
What is a classification of net assets reported by not-for-profit organizations that
indications donor-
imposed requirements?
A) Assigned net assets
B) Committed net assets
C) Temporarily restricted net assets
D) Permanently reserved net assets - answer-C) Temporarily restricted net assets
Where should a nonprofit's investment earnings be reported if the earnings are restricted
to research
projects, per donor request?
A) Research expenses
B) Investment expenses
C) Temporarily restricted revenues
D) Permanently restricted revenues - answer-C) Temporarily restricted revenues
A general government department donates a capital asset with an original cost of $50,000
to an
enterprise fund. The net book value as of the date of donation is $17,500. Which entry
should be
recorded by the enterprise fund?
A) A debit to Capital Assets of $17,500 and a credit to Transfer In of $17,500
B) A debit to Capital Assets of $17,500 and a credit to Capital Contribution of $17,500
C) A debit to Capital Assets of $50,000 and credits to Accumulated Depreciation of $32,500
