Question 1

Amounts due to social security beneficiaries should be "booked" (recorded as a liability)

Accepted Answer

A) As beneficiaries earn benefits. 
B) When beneficiaries reach the eligibility age for benefits.. 
C) When benefits become due and payable. 
D) When the government formally acknowledges that benefits are due and payable. 
A) As beneficiaries earn benefits. 
B) When beneficiaries reach the eligibility age for benefits.. 
C) When benefits become due and payable. 
D) When the government formally acknowledges that benefits are due and payable.

Question 2

The FASAB requires that federal government agencies accrue nonexchange revenues when a specifically identifiable, legally enforceable claim to resources arises, to the extent that collection is probable and the amount is measurable.Thus, fines and penalties should be accrued

Accepted Answer

A) Upon expiration of the period during which the offender may contest a court summons. 
B) When the offender pays the fine before a court date. 
C) When the court imposes a fine. 
D) Any of the above would meet the criteria. 
A) Upon expiration of the period during which the offender may contest a court summons. 
B) When the offender pays the fine before a court date. 
C) When the court imposes a fine. 
D) Any of the above would meet the criteria.

Question 3

Federal government trust funds are

Accepted Answer

A) Composed of funds restricted by the donor/contributor. 
B) Like endowment funds-only the income, not the principal, can be expended. 
C) Any funds designated by law as trust funds. 
D) Composed of funds that by law are dedicated to certain activities or programs. 
A) Composed of funds restricted by the donor/contributor. 
B) Like endowment funds-only the income, not the principal, can be expended. 
C) Any funds designated by law as trust funds. 
D) Composed of funds that by law are dedicated to certain activities or programs.

Question 4

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

Accepted Answer

A) Appropriation. 
B) Apportionment. 
C) Cash balance. 
D) Unencumbered obligations. 
A) Appropriation. 
B) Apportionment. 
C) Cash balance. 
D) Unencumbered obligations.

Question 5

Why is the FASAB named an "advisory board"? What happens if the GAO or the OMB rejects one of its standards?

Accepted Answer

The board is titled "advisory" because t

Question 6

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

Accepted Answer

A) Historical cost, using FIFO. 
B) Historical cost, using weighted average. 
C) Latest acquisition cost. 
D) All of the above. 
A) Historical cost, using FIFO. 
B) Historical cost, using weighted average. 
C) Latest acquisition cost. 
D) All of the above.

Question 7

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 8

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.

Question 9

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 10

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 11

Which of the following is NOT a main section of the Financial Report of the United States Government?

Accepted Answer

A) Introductory section including letter of transmittal and MD&A. 
B) Other stewardship information section. 
C) Required supplemental information section. 
D) Statistical section. 
A) Introductory section including letter of transmittal and MD&A. 
B) Other stewardship information section. 
C) Required supplemental information section. 
D) Statistical section.

Question 12

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.

Question 13

All members of the FASAB are federal employees.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

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

Question 15

The federal government is required to recognize liabilities from nonexchange transactions

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 16

One of the major problems encountered by the FASAB in setting standards for the federal government-wide financial statements is how to classify future benefit payments to social security beneficiaries.What are the underlying issues related to social security? How has the FASAB resolved the issues? How is social security information presented in federal financial statements?

Accepted Answer

In large measure the accounting controve

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

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

Accepted Answer

A) True 
 B)False

Question 19

Which of the following funds is/are included in the category federal trust funds?

Accepted Answer

A) Old-Age and Survivors Insurance Fund (Social Security). 
B) Supplementary Medical Insurance Fund (Medicare). 
C) Neither (a)nor (b). 
D) Both (a)and (b). 
A) Old-Age and Survivors Insurance Fund (Social Security). 
B) Supplementary Medical Insurance Fund (Medicare). 
C) Neither (a)nor (b). 
D) Both (a)and (b).

Question 20

The Financial Report of the United States Government 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.

Amounts due to social security beneficiaries should be "booked" (recorded as a liability)

The FASAB requires that federal government agencies accrue nonexchange revenues when a specifically identifiable, legally enforceable claim to resources arises, to the extent that collection is probable and the amount is measurable.Thus, fines and penalties should be accrued

Federal government trust funds are

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

Why is the FASAB named an "advisory board"? What happens if the GAO or the OMB rejects one of its standards?

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

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

Under FASAB standards, government agencies should recognize liabilities for grants

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

The Federal Accounting Standards Advisory Board is responsible for

Which of the following is NOT a main section of the Financial Report of the United States 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?

All members of the FASAB are federal employees.

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

The federal government is required to recognize liabilities from nonexchange transactions

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

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

Which of the following funds is/are included in the category federal trust funds?

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

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

Filters

Exam 17: Federal Government Accounting

Amounts due to social security beneficiaries should be "booked" (recorded as a liability)

The FASAB requires that federal government agencies accrue nonexchange revenues when a specifically identifiable, legally enforceable claim to resources arises, to the extent that collection is probable and the amount is measurable.Thus, fines and penalties should be accrued

Federal government trust funds are

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

Why is the FASAB named an "advisory board"? What happens if the GAO or the OMB rejects one of its standards?

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

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

Under FASAB standards, government agencies should recognize liabilities for grants

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

The Federal Accounting Standards Advisory Board is responsible for

Which of the following is NOT a main section of the Financial Report of the United States 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?

All members of the FASAB are federal employees.

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

The federal government is required to recognize liabilities from nonexchange transactions

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

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

Which of the following funds is/are included in the category federal trust funds?

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

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

Filters