WGU C252 Practice Questions Chapter 7 | Questions and Correct Answers Latest Update

WGU C252 Practice Questions Chapter 7 | Questions and Correct Answers Latest Update 1. Which of the following statements is true concerning accounting and financial reporting practices related to capital asset acquisitions? a. Routine capital purchases such as vehicles and equipment often may be financed and accounted for in a General Fund. b. Most capital lease transactions related to governmental funds are accounted for in either the General Fund or a Debt Service Fund. c. Capital Project Funds may be used only for the acquisition or construction of major capital facilities. d. Most capital projects last only for one fiscal year. - Answer -Routine capital purchases such as vehicles and equipment often may be financed and accounted for in a General Fund. 2. Which of the following is true? a. A government is required to record each major general government capital project in a separate Capital Projects Fund. b. Acquisition or construction of general government capital assets must always be accounted for through a Capital Projects Fund. c. A Capital Projects Fund is not required unless a project is financed by issuing bonds. d. A Capital Projects Fund may be used to acquire vehicles and equipment. - Answer -A Capital Projects Fund may be used to acquire vehicles and equipment. 3. Which of the following capital asset-related transactions would most likely be accounted for through a Capital Projects Fund? a. A major general government capital lease transaction. b. Purchase of multiple computers for general government departments. c. Construction of a general government office building. d. Maintenance of general government fixe