Exam 17: Federal Government Accounting

Which of the following is a NOT a true statement with regard to accounting and reporting for federal government agencies versus accounting and reporting for state and local governments?

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(Multiple Choice)

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Question 1

Correct Answer:

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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?

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(Multiple Choice)

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Question 2

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What is meant by a "unified budget"? Why are Social Security and Postal Service receipts and disbursements not included in the unified budget?

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(Essay)

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Question 3

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The unified budget encompasses all four types of funds - general fund, special funds, trust funds, and revolving funds.When it was originally established, the unified budget was intended to capture in a single tabulation the effect of all federal activities on the national economy.However, the Congress subsequently removed Social Security and Postal Service receipts and disbursements from the official calculation of the budget and accorded them "off-budget" standing.The reason was to allow Social Security and the Postal Service to operate without being constrained by federal spending limitations in the way that other programs are.

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

(Multiple Choice)

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Question 4

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

(Multiple Choice)

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Question 5

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)

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Question 6

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

(Multiple Choice)

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Question 7

Natural disasters, such as hurricanes, may result in recognized liabilities of the federal government.

(True/False)

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Question 8

The allowance for unrealized holding gains that appears in the cost of goods sold section of a federal financial statement effectively does which of the following?

(Multiple Choice)

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Question 9

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)

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Question 10

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

(Multiple Choice)

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Question 11

FASAB standards preclude disclosure of investments in human capital in federal financial reports.

(True/False)

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Question 12

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

(True/False)

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Question 13

When should federal entities recognize liabilities for natural disasters?

(Multiple Choice)

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Question 14

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

(Multiple Choice)

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Question 15

Under FASAB standards, nonexchange revenues do NOT include

(Multiple Choice)

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Question 16

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

(True/False)

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Question 17

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

(True/False)

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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?

(Multiple Choice)

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Question 19

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

(Multiple Choice)

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Question 20

Showing 1 - 20 of 66

Which of the following is a NOT a true statement with regard to accounting and reporting for federal government agencies versus accounting and reporting for state and local governments?

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?

What is meant by a "unified budget"? Why are Social Security and Postal Service receipts and disbursements not included in the unified budget?

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

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

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

Natural disasters, such as hurricanes, may result in recognized liabilities of the federal government.

The allowance for unrealized holding gains that appears in the cost of goods sold section of a federal financial statement effectively does which of the following?

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?

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

FASAB standards preclude disclosure of investments in human capital in federal financial reports.

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

When should federal entities recognize liabilities for natural disasters?

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

Under FASAB standards, nonexchange revenues do NOT include

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

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

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?

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

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

Pensions and Other Fiduciary Activities

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Notforprofit Organizations

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