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WGU D023 SCHOOL FINANCIAL
LEADERSHIP TEST 2025\ 2026 BRAND
NEW QUESTIONS WITH ANSWERS| ACE
YOUR GRADES!
Local, state, and federal governments can all impact the reporting
requirements of school districts. - correct answer -true
School accounting procedures and regulations are the same in
every state. - correct answer -False The statutes and regulations
of schools in different states may certainly vary. However,
consistent practices and terminology are critical to the
accountability of any government funding (local, state, and
national). The accounting methods used must be capable of
producing regular financial reports that conform both with
generally accepted accounting principles and with the legal
requirements of each state, if they differ.
The Governmental Accounting Standards Board (GASB) is a
division of the U.S. Department of Education.- - correct answer -
false The GASB is an independent organization that establishes
accounting and financial reporting standards for state and local
governments. It is not affiliated with the U.S. Department of
Education. The GASB is recognized as the official source of
"generally accepted accounting principles (GAAP)."
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Which organization establishes codes for financial accounting and
reporting of school systems? - correct answer -GASB
(Governmental Accounting Standards Board)
A school district decides to hire a qualified accountant to conduct
an audit after a review by other school personnel. What type of
audit best describes this scenario? - correct answer -External
audit
The main purpose of encumbrance accounting is to calculate the
amount of budgeted funds spent to date. - correct answer -false
Encumbrance accounting is used to avoid overspending by
recognizing spending commitments.
Recognition of revenue when it is obtained- - correct answer -
accrual accounting
Reflects committed funds- - correct answer -Encumbrance
accounting
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Used for program evaluation- - correct answer -cost accounting
Salaries - correct answer -liability
Playground equipment- - correct answer -Asset
A school-sponsored club account- - correct answer -equity
Textbooks- - correct answer -Asset
Cafeteria supplies- - correct answer -Liability
Which category applies to a fund balance that can only be utilized
for its designated purpose? - correct answer -Restricted
WGU D023 SCHOOL FINANCIAL
LEADERSHIP TEST 2025\ 2026 BRAND
NEW QUESTIONS WITH ANSWERS| ACE
YOUR GRADES!
Local, state, and federal governments can all impact the reporting
requirements of school districts. - correct answer -true
School accounting procedures and regulations are the same in
every state. - correct answer -False The statutes and regulations
of schools in different states may certainly vary. However,
consistent practices and terminology are critical to the
accountability of any government funding (local, state, and
national). The accounting methods used must be capable of
producing regular financial reports that conform both with
generally accepted accounting principles and with the legal
requirements of each state, if they differ.
The Governmental Accounting Standards Board (GASB) is a
division of the U.S. Department of Education.- - correct answer -
false The GASB is an independent organization that establishes
accounting and financial reporting standards for state and local
governments. It is not affiliated with the U.S. Department of
Education. The GASB is recognized as the official source of
"generally accepted accounting principles (GAAP)."
, Page | 2
Which organization establishes codes for financial accounting and
reporting of school systems? - correct answer -GASB
(Governmental Accounting Standards Board)
A school district decides to hire a qualified accountant to conduct
an audit after a review by other school personnel. What type of
audit best describes this scenario? - correct answer -External
audit
The main purpose of encumbrance accounting is to calculate the
amount of budgeted funds spent to date. - correct answer -false
Encumbrance accounting is used to avoid overspending by
recognizing spending commitments.
Recognition of revenue when it is obtained- - correct answer -
accrual accounting
Reflects committed funds- - correct answer -Encumbrance
accounting
, Page | 3
Used for program evaluation- - correct answer -cost accounting
Salaries - correct answer -liability
Playground equipment- - correct answer -Asset
A school-sponsored club account- - correct answer -equity
Textbooks- - correct answer -Asset
Cafeteria supplies- - correct answer -Liability
Which category applies to a fund balance that can only be utilized
for its designated purpose? - correct answer -Restricted
