Exam 17: Federal Government Accounting

The federal government has declared a specific area a "natural disaster" area,making residents of the area eligible for payments from the federal government.When should the liability for such payments be recorded?

(Multiple Choice)

4.7/5

(78)

Question 21

The unified budget of the federal government excludes Social Security,which is considered "off-budget."

(True/False)

4.8/5

(68)

Question 22

If the U.S.Department of the Treasury,GAO,or OMB objects to a FASAB standard,it is returned to the FASAB for reconsideration.

(True/False)

4.8/5

(97)

Question 23

The Financial Report of the United States Government is prepared on which of the following bases of accounting?

(Multiple Choice)

4.8/5

(96)

Question 24

Stewardship assets are long-lived assets that are not given balance sheet recognition by the federal government.

(True/False)

4.9/5

(89)

Question 25

Federal government capital expenditures can be accounted for in which of the federal funds?

(Multiple Choice)

4.9/5

(76)

Question 26

Which of the following federal government accounting terms is most similar to an encumbrance,as that term is used in state and local government accounting?

(Multiple Choice)

4.9/5

(79)

Question 27

Which of the following statements is true of the International Public Sector Accounting Standards Board?

(Multiple Choice)

4.9/5

(90)

Question 28

The U.S.Postal Service is accounted for in which of the following fund types?

(Multiple Choice)

4.9/5

(78)

Question 29

The amount of its budgeted resources that a federal agency currently has available for spending is its

(Multiple Choice)

4.8/5

(95)

Question 30

Which of the following is a function of the U.S.Department of the Treasury?

(Multiple Choice)

4.9/5

(84)

Question 31

The FASAB allows entities to value inventories held for sale at which of the following values?

(Multiple Choice)

4.8/5

(85)

Question 32

When the federal government guarantees a loan made by a private lender,the federal government should record a liability for which of the following amounts?

(Multiple Choice)

4.7/5

(79)

Question 33

The federal government recognizes social insurance commitments e.g.social security)to beneficiaries as liabilities only when payments are due.

(True/False)

4.8/5

(87)

Question 34

The CFO of the United States is

(Multiple Choice)

4.8/5

(62)

Question 35

The federal agency balance sheet and statement of net cost are prepared on the full accrual basis of accounting.

(True/False)

4.9/5

(85)

Question 36

Proprietary accounts are used to report the business-type activities of the federal government.

(True/False)

4.9/5

(86)

Question 37

Which of the following federal government accounting terms is most similar to an appropriation,as that term is used in state and local government accounting?

(Multiple Choice)

4.9/5

(80)

Question 38

Which of the following is NOT a basic financial statement for a federal agency?

(Multiple Choice)

4.9/5

(73)

Question 39

Military assets are required to be capitalized and depreciated until war is declared.

(True/False)

4.7/5

(71)

Question 40

Showing 21 - 40 of 58

The federal government has declared a specific area a "natural disaster" area,making residents of the area eligible for payments from the federal government.When should the liability for such payments be recorded?

The unified budget of the federal government excludes Social Security,which is considered "off-budget."

If the U.S.Department of the Treasury,GAO,or OMB objects to a FASAB standard,it is returned to the FASAB for reconsideration.

The Financial Report of the United States Government is prepared on which of the following bases of accounting?

Stewardship assets are long-lived assets that are not given balance sheet recognition by the federal government.

Federal government capital expenditures can be accounted for in which of the federal funds?

Which of the following federal government accounting terms is most similar to an encumbrance,as that term is used in state and local government accounting?

Which of the following statements is true of the International Public Sector Accounting Standards Board?

The U.S.Postal Service is accounted for in which of the following fund types?

The amount of its budgeted resources that a federal agency currently has available for spending is its

Which of the following is a function of the U.S.Department of the Treasury?

The FASAB allows entities to value inventories held for sale at which of the following values?

When the federal government guarantees a loan made by a private lender,the federal government should record a liability for which of the following amounts?

The federal government recognizes social insurance commitments e.g.social security)to beneficiaries as liabilities only when payments are due.

The CFO of the United States is

The federal agency balance sheet and statement of net cost are prepared on the full accrual basis of accounting.

Proprietary accounts are used to report the business-type activities of the federal government.

Which of the following federal government accounting terms is most similar to an appropriation,as that term is used in state and local government accounting?

Which of the following is NOT a basic financial statement for a federal agency?

Military assets are required to be capitalized and depreciated until war is declared.

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