Question 1

Under FASAB standards,government agencies should recognize liabilities for grants

Accepted Answer

A) When Congress passes the related legislation. 
B) When the grant announcement is made. 
C) When the announcement is formally acknowledged by the grantee. 
D) When payments are due. 
A) When Congress passes the related legislation. 
B) When the grant announcement is made. 
C) When the announcement is formally acknowledged by the grantee. 
D) When payments are due. D

Question 2

The unified budget of the federal government was originally intended to include which of the following fund types?

Accepted Answer

A) General fund,all special funds,all trust funds,and all revolving funds. 
B) General fund,all special funds,some trust funds,and all revolving funds. 
C) General fund,some special funds,some trust funds,and all revolving funds. 
D) General fund,all special funds,and all revolving funds. 
A) General fund,all special funds,all trust funds,and all revolving funds. 
B) General fund,all special funds,some trust funds,and all revolving funds. 
C) General fund,some special funds,some trust funds,and all revolving funds. 
D) General fund,all special funds,and all revolving funds. A

Question 3

Which of the following is NOT one of the basic government-wide federal financial statements?

Accepted Answer

A) Balance sheet. 
B) Statement of operations and changes in net position. 
C) Statement of net cost 
D) Statement of custodial assets. 
A) Balance sheet. 
B) Statement of operations and changes in net position. 
C) Statement of net cost 
D) Statement of custodial assets. D

Question 4

Which of the following federal fund types is most similar to a state or local government's enterprise fund?

Accepted Answer

A) General fund. 
B) Special funds. 
C) Trust funds. 
D) Revolving funds. 
A) General fund. 
B) Special funds. 
C) Trust funds. 
D) Revolving funds.

Question 5

Which of the following types of expenditures are not accounted for in the federal government's general fund?

Accepted Answer

A) Operating expenditures. 
B) Capital expenditures. 
C) Medicare. 
D) Interest on public debt. 
A) Operating expenditures. 
B) Capital expenditures. 
C) Medicare. 
D) Interest on public debt.

Question 6

Which of the following is a unique characteristic of the federal government that necessitates special accounting and reporting practices?

Accepted Answer

A) The types of its expenditures. 
B) The size of its obligations. 
C) The extent of its powers. 
D) The range of its influence. 
A) The types of its expenditures. 
B) The size of its obligations. 
C) The extent of its powers. 
D) The range of its influence.

Question 7

Which of the following is a false statement about federal special funds?

Accepted Answer

A) They are maintained primarily to account for resources that are designated for specific programs or activities. 
B) They are typically financed by dedicated fees. 
C) They account for resources used to pay for national defense. 
D) They are included in the unified budget of the federal government. 
A) They are maintained primarily to account for resources that are designated for specific programs or activities. 
B) They are typically financed by dedicated fees. 
C) They account for resources used to pay for national defense. 
D) They are included in the unified budget of the federal government.

Question 8

FASAB requires that federal agencies capitalize certain assets.Which of the following assets should be capitalized?

Accepted Answer

A) Stewardship assets such as national parks and national forests. 
B) Assets such as weapons systems and space exploration equipment. 
C) Heritage assets that have only historical,artistic,or cultural significance. 
D) Human capital. 
A) Stewardship assets such as national parks and national forests. 
B) Assets such as weapons systems and space exploration equipment. 
C) Heritage assets that have only historical,artistic,or cultural significance. 
D) Human capital.

Question 9

The United States Government Combined Statement of Receipts,Outlays,and Balances is prepared on which of the following bases of accounting?

Accepted Answer

A) Cash. 
B) Modified accrual. 
C) Budgetary. 
D) Accrual. 
A) Cash. 
B) Modified accrual. 
C) Budgetary. 
D) Accrual.

Question 10

FASAB requires nonexchange revenues to reported on both the accrual and the cash basis of accounting.

Accepted Answer

A) True 
 B)False

Question 11

The Government Accountability Office GAO)is part of which branch of the federal government?

Accepted Answer

A) Executive branch. 
B) Judicial branch. 
C) Legislative branch. 
D) None of the above;it is independent of all three branches of the federal government. 
A) Executive branch. 
B) Judicial branch. 
C) Legislative branch. 
D) None of the above;it is independent of all three branches of the federal government.

Question 12

Federal operations are accounted for in four types of funds.Which of the following is one of the types of funds used?

Accepted Answer

A) Capital funds. 
B) Revolving funds. 
C) Special revenue funds. 
D) Fiduciary funds. 
A) Capital funds. 
B) Revolving funds. 
C) Special revenue funds. 
D) Fiduciary funds.

Question 13

Which of the following is a role that GAO plays in the accounting and information management policy of the United States?

Accepted Answer

A) Prescribing standards for auditing and evaluating government programs. 
B) Developing integrated accounting systems that comply with applicable accounting standards. 
C) Apportioning federal appropriations. 
D) Reviewing federal agencies' spending plans. 
A) Prescribing standards for auditing and evaluating government programs. 
B) Developing integrated accounting systems that comply with applicable accounting standards. 
C) Apportioning federal appropriations. 
D) Reviewing federal agencies' spending plans.

Question 14

The Federal Accounting Standards Advisory Board is responsible for

Accepted Answer

A) Reviewing FASB and GASB standards. 
B) Setting federal accounting standards. 
C) Implementing federal accounting standards. 
D) Developing federal auditing standards. 
A) Reviewing FASB and GASB standards. 
B) Setting federal accounting standards. 
C) Implementing federal accounting standards. 
D) Developing federal auditing standards.

Question 15

Federal operations consist of five fund types-the general fund,special funds,trust funds,capital funds,and revolving funds.

Accepted Answer

A) True 
 B)False

Question 16

Under FASAB standards,nonexchange revenues do NOT include

Accepted Answer

A) Taxes and duties. 
B) Fines and penalties. 
C) Sales to other government entities. 
D) Donations received by federal museums. 
A) Taxes and duties. 
B) Fines and penalties. 
C) Sales to other government entities. 
D) Donations received by federal museums.

Question 17

Federal agencies recognize the cost of loan guarantees when it is probable that borrowers will default on their payments.

Accepted Answer

A) True 
 B)False

Question 18

When the federal government makes a direct loan at an interest rate below the prevailing Treasury rate a subsidized loan),an expense should be recorded for which of the following amounts?

Accepted Answer

A) The difference between the face value of the loan and the present value of the estimated net cash receipts. 
B) The difference between the present value of the estimated net cash receipts at the stated rate of interest and the present value of the net cash receipts at the prevailing interest rate. 
C) The fair value of the loans. 
D) No expense is recognized. 
A) The difference between the face value of the loan and the present value of the estimated net cash receipts. 
B) The difference between the present value of the estimated net cash receipts at the stated rate of interest and the present value of the net cash receipts at the prevailing interest rate. 
C) The fair value of the loans. 
D) No expense is recognized.

Question 19

Pronouncements of the IFAC's International Public Sector Accounting Standards Board IPSASB)state that third-world governments should prepare cash-basis financial statements..

Accepted Answer

A) True 
 B)False

Question 20

All members of the FASAB are federal employees.

Accepted Answer

A) True 
 B)False

Under FASAB standards,government agencies should recognize liabilities for grants

The unified budget of the federal government was originally intended to include which of the following fund types?

Which of the following is NOT one of the basic government-wide federal financial statements?

Which of the following federal fund types is most similar to a state or local government's enterprise fund?

Which of the following types of expenditures are not accounted for in the federal government's general fund?

Which of the following is a unique characteristic of the federal government that necessitates special accounting and reporting practices?

Which of the following is a false statement about federal special funds?

FASAB requires that federal agencies capitalize certain assets.Which of the following assets should be capitalized?

The United States Government Combined Statement of Receipts,Outlays,and Balances is prepared on which of the following bases of accounting?

FASAB requires nonexchange revenues to reported on both the accrual and the cash basis of accounting.

The Government Accountability Office GAO)is part of which branch of the federal government?

Federal operations are accounted for in four types of funds.Which of the following is one of the types of funds used?

Which of the following is a role that GAO plays in the accounting and information management policy of the United States?

The Federal Accounting Standards Advisory Board is responsible for

Federal operations consist of five fund types-the general fund,special funds,trust funds,capital funds,and revolving funds.

Under FASAB standards,nonexchange revenues do NOT include

Federal agencies recognize the cost of loan guarantees when it is probable that borrowers will default on their payments.

When the federal government makes a direct loan at an interest rate below the prevailing Treasury rate a subsidized loan),an expense should be recorded for which of the following amounts?

Pronouncements of the IFAC's International Public Sector Accounting Standards Board IPSASB)state that third-world governments should prepare cash-basis financial statements..

All members of the FASAB are federal employees.

The Government and Not-For-Profit Environment

Fund Accounting

Issues of Budgeting and Control

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Fiduciary Funds and Permanent Funds

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Not-For-Profit Organizations

Filters

Exam 17: Federal Government Accounting

Under FASAB standards,government agencies should recognize liabilities for grants

The unified budget of the federal government was originally intended to include which of the following fund types?

Which of the following is NOT one of the basic government-wide federal financial statements?

Which of the following federal fund types is most similar to a state or local government's enterprise fund?

Which of the following types of expenditures are not accounted for in the federal government's general fund?

Which of the following is a unique characteristic of the federal government that necessitates special accounting and reporting practices?

Which of the following is a false statement about federal special funds?

FASAB requires that federal agencies capitalize certain assets.Which of the following assets should be capitalized?

The United States Government Combined Statement of Receipts,Outlays,and Balances is prepared on which of the following bases of accounting?

FASAB requires nonexchange revenues to reported on both the accrual and the cash basis of accounting.

The Government Accountability Office GAO)is part of which branch of the federal government?

Federal operations are accounted for in four types of funds.Which of the following is one of the types of funds used?

Which of the following is a role that GAO plays in the accounting and information management policy of the United States?

The Federal Accounting Standards Advisory Board is responsible for

Federal operations consist of five fund types-the general fund,special funds,trust funds,capital funds,and revolving funds.

Under FASAB standards,nonexchange revenues do NOT include

Federal agencies recognize the cost of loan guarantees when it is probable that borrowers will default on their payments.

When the federal government makes a direct loan at an interest rate below the prevailing Treasury rate a subsidized loan),an expense should be recorded for which of the following amounts?

Pronouncements of the IFAC's International Public Sector Accounting Standards Board IPSASB)state that third-world governments should prepare cash-basis financial statements..

All members of the FASAB are federal employees.

The Government and Not-For-Profit Environment

Fund Accounting

Issues of Budgeting and Control

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Fiduciary Funds and Permanent Funds

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Not-For-Profit Organizations

Filters