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WGU C252 Governmental and Nonprofit Accounting - Retake Study Plan | Questions and Verified Solutions 2024 Update The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is: A Governmental Accounting Standards Board (GASB) B Financial Accounting Standards Board (FASB) C Government Accounting and Auditing Committee of the AICPA (GAAC) D National Council on Governmental Accounting (NCGA) - Answer -(A)...

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 ma...

WGU C252 Practice Questions Chapter 12 | Questions and Correct Answers 2024 1. Which types of funds are classified as fiduciary funds? a. Pension trust, private-purpose trust, and Investment Trust Funds. b. Pension trust, permanent trust, and Agency Funds. c. Pension trust, private-purpose trust, investment trust, and Agency Funds. d. Expendable trust, nonexpendable trust, pension trust, and Investment Trust Funds. - Answer -Pension trust, private-purpose trust, investment trust, and Agen...

WGU C252 Practice Questions Chapter 10 | Questions and Verified Answers 1. The use of an Enterprise Fund is required by generally accepted accounting principles in each of the following situations except a. When user fees are charged for the majority of the activity's operations. b. When an activity is financed with debt that is secured solely by the pledge of revenues. c. When laws and regulations require that the activity's costs be recovered with fees and charges. d. When pricing pol...

WGU C252 Practice Questions Chapter 4 | Questions and Correct Solutions 1. A city's General Fund general ledger includes accounts called Estimated Revenues, Appropriations, and Encumbrances. This indicates that the city a. Formally integrates its budget into its accounts b. Uses a cash plus encumbrances basis of accounting c. Maintains its accounts on an accrual basis d. Erroneously reports encumbrances as expenditures - Answer -Formally integrates its budget into its accounts. 2. Unde...

WGU C252 Practice Questions Chapter 5 | Questions and Correct Answers 2024 Update 1. Under the modified accrual basis, revenues are considered susceptible to accrual if a. Available to finance current period expenditures. b. Objectively measurable. c. Collected during the current period. d. Both available to finance current period expenditures and objectively measurable. - Answer -Both available to finance current period expenditures and objectively measurable. 2. Under the modified accr...

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 exp...

WGU C252 Practice Questions Chapter 13 | Questions and Correct Answers 2024 1. When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include a. Basic financial statements, management's discussion and analysis, and other required supplementary information. b. A comprehensive annual financial report. c. Basic financial statements only. d. Only the financial section of a comprehensive annual fina...

WGU C252 Practice Questions Chapter 3 | Questions and Verified Answers 1. Which of the following is not a characteristic of the General Fund? a. Is used to account for all financial resources that are not required to be accounted for in another fund. b. Is used by all governments that report governmental fund activities. c. May require combining statement at year-end when a government has more than one General Fund. d. Is established at inception of a government and exists throughout its l...

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 Pro...