WGU C252 Practice Questions Chapter 2 2024

WGU C252 Practice Questions Chapter 2 2024 1. If a government is obligated to legally report information in a manner that differs from GAAP a. GAAP take precedence over the legal requirements. b. Legal requirements take precedence over GAAP. c. Both GAAP requirements and legal requirements must be met. d. Information should be presented that meets as many legal requirements as possible without violating GAAP in a material manner. - answer-c. Both GAAP requirements and legal requirements must be met. 2. Which of the following is considered a proprietary fund? a. General Fund. b. Special Revenue Fund. c. Permanent Fund. d. Internal Service Fund. - answer-d. Internal Service Fund. 3. The operations of a city bus line receiving all its funding from user charges would be accounted for in a. A General Fund. b. An Enterprise Fund. c. An Internal Service Fund. d. A Special Revenue Fund. - answer-b. An Enterprise Fund.