Question 1

If a federal agency should have collected $400 from a nonexchange revenue source, but it actually collected $430, the financial statements should reflect

Accepted Answer

A) $400 cash collections plus $30 accrual adjustment. 
B) $430 total revenue. 
C) $430 cash collections less $30 accrual adjustment. 
D) $400 revenue. 
A) $400 cash collections plus $30 accrual adjustment. 
B) $430 total revenue. 
C) $430 cash collections less $30 accrual adjustment. 
D) $400 revenue. C

Question 2

Which of the following is a responsibility of the Office of Management and Budget?

Accepted Answer

A) Assisting the President in preparing the federal budget. 
B) Resolving bid protests that challenge government contract awards. 
C) Keeping track of monetary assets and liabilities. 
D) Arranging for audits of federal agencies 
A) Assisting the President in preparing the federal budget. 
B) Resolving bid protests that challenge government contract awards. 
C) Keeping track of monetary assets and liabilities. 
D) Arranging for audits of federal agencies A

Question 3

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?

Accepted Answer

A) Apportionment. 
B) Allotment. 
C) Commitment. 
D) Obligation. 
A) Apportionment. 
B) Allotment. 
C) Commitment. 
D) Obligation. A

Question 4

The FASAB requires that federal government agencies recognize nonexchange revenue on which of the following bases of accounting?

Accepted Answer

A) Cash. 
B) Modified accrual. 
C) Accrual. 
D) Both a and c. 
A) Cash. 
B) Modified accrual. 
C) Accrual. 
D) Both a and c.

Question 5

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

Accepted Answer

A) Balance Sheet. 
B) Statement of Budgetary Resources. 
C) Statement of Financing. 
D) Statement of Stewardship Assets. 
A) Balance Sheet. 
B) Statement of Budgetary Resources. 
C) Statement of Financing. 
D) Statement of Stewardship Assets.

Question 6

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) Are included in the Unified federal budget. 
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) Are included in the Unified federal budget.

Question 7

Which of the following is NOT one of the basic financial statements for the federal government-at-large?

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.

Question 8

Federal government accounting standards are the responsibility of which Federal government agency?

Accepted Answer

A) The Department of the Treasury. 
B) The Office of Management and Budget. 
C) The Government Accountability Office. 
D) All of the above. 
A) The Department of the Treasury. 
B) The Office of Management and Budget. 
C) The Government Accountability Office. 
D) All of the above.

Question 9

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?

Accepted Answer

A) When an exchange takes place. 
B) When the event occurs and the anticipated outflows of resources are both probable and measurable. 
C) When due. 
D) When formally acknowledged and an amount is due and payable as a result. 
A) When an exchange takes place. 
B) When the event occurs and the anticipated outflows of resources are both probable and measurable. 
C) When due. 
D) When formally acknowledged and an amount is due and payable as a result.

Question 10

Federal operations consist of 5 fund types-the general fund, special funds, trust funds, capital funds, and revolving funds.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) Historical cost. 
B) Latest acquisition cost. 
C) Neither Historical cost nor latest acquisition cost. 
D) No value is assigned.Assets held for use are not included on the financial statements. 
A) Historical cost. 
B) Latest acquisition cost. 
C) Neither Historical cost nor latest acquisition cost. 
D) No value is assigned.Assets held for use are not included on the financial statements.

Question 13

Which of the following types of expenditures are not accounted for in the federal government 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 14

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 15

The Federal Accounting Standards Advisory Board is responsible for

Accepted Answer

A) Recommending federal accounting standards. 
B) Setting federal accounting standards. 
C) Implementing federal accounting standards. 
D) Developing federal auditing standards. 
A) Recommending federal accounting standards. 
B) Setting federal accounting standards. 
C) Implementing federal accounting standards. 
D) Developing federal auditing standards.

Question 16

Which of the following federal fund types is most similar to 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 17

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

Accepted Answer

A) General fund 
B) Special funds. 
C) Trust funds. 
D) All of the above. 
A) General fund 
B) Special funds. 
C) Trust funds. 
D) All of the above.

Question 18

The Government Performance and Results Act of 1993 requires federal agencies to do which of the following?

Accepted Answer

A) Develop strategic plans and operational objectives. 
B) Develop measures of performance. 
C) Report on the extent to which they have met their objectives. 
D) All of the above. 
A) Develop strategic plans and operational objectives. 
B) Develop measures of performance. 
C) Report on the extent to which they have met their objectives. 
D) All of the above.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

The CFO of the United States is

Accepted Answer

A) a position within OMB. 
B) a position within GAO. 
C) a position in the U.S.Treasury Department. 
D)  A cabinet position reporting to the U.S.President. 
A) a position within OMB. 
B) a position within GAO. 
C) a position in the U.S.Treasury Department. 
D)  A cabinet position reporting to the U.S.President.

If a federal agency should have collected $400 from a nonexchange revenue source, but it actually collected $430, the financial statements should reflect

Which of the following is a responsibility of the Office of Management and Budget?

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?

The FASAB requires that federal government agencies recognize nonexchange revenue on which of the following bases of accounting?

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

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

Which of the following is NOT one of the basic financial statements for the federal government-at-large?

Federal government accounting standards are the responsibility of which Federal government agency?

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?

Federal operations consist of 5 fund types-the general fund, special funds, trust funds, capital funds, and revolving funds.

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

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

Which of the following types of expenditures are not accounted for in the federal government general fund.

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

The Federal Accounting Standards Advisory Board is responsible for

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

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

The Government Performance and Results Act of 1993 requires federal agencies to do which of the following?

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

The CFO of the United States is

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

If a federal agency should have collected $400 from a nonexchange revenue source, but it actually collected $430, the financial statements should reflect

Which of the following is a responsibility of the Office of Management and Budget?

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?

The FASAB requires that federal government agencies recognize nonexchange revenue on which of the following bases of accounting?

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

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

Which of the following is NOT one of the basic financial statements for the federal government-at-large?

Federal government accounting standards are the responsibility of which Federal government agency?

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?

Federal operations consist of 5 fund types-the general fund, special funds, trust funds, capital funds, and revolving funds.

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

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

Which of the following types of expenditures are not accounted for in the federal government general fund.

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

The Federal Accounting Standards Advisory Board is responsible for

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

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

The Government Performance and Results Act of 1993 requires federal agencies to do which of the following?

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

The CFO of the United States is

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