Question 1

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 2

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 3

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.

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 7

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

Accepted Answer

A) The face amount of the loan. 
B) The present value of the future principal and interest payments discounted at the stated rate. 
C) The present value of the future principal and interest payments discounted at the comparable Treasury rate. 
D) No asset should be recorded. 
A) The face amount of the loan. 
B) The present value of the future principal and interest payments discounted at the stated rate. 
C) The present value of the future principal and interest payments discounted at the comparable Treasury rate. 
D) No asset should be recorded.

Question 8

One of the more difficult issues to address in state and local government accounting is the reporting entity.A similar issue exists at the federal level.Discuss the financial reporting entity issue at the federal level.

Accepted Answer

The primary reporting entity issues for

Question 9

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

Question 10

The International Public Sector Accounting Standards Board has issued standards calling for which of the following?

Accepted Answer

A) The capitalization and depreciation of governments' infrastructure assets. 
B) The expensing of borrowing costs no earlier than when cash is disbursed. 
C) The recognition of inventories as an expense using the purchases method. 
D) The preparation of budgets on the accrual basis. 
A) The capitalization and depreciation of governments' infrastructure assets. 
B) The expensing of borrowing costs no earlier than when cash is disbursed. 
C) The recognition of inventories as an expense using the purchases method. 
D) The preparation of budgets on the accrual basis.

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Which of the following categories is included in the Objectives of Federal Financial Reporting?

Accepted Answer

A) Operating performance. 
B) Congressional performance. 
C) Executive performance. 
D) Audit performance. 
A) Operating performance. 
B) Congressional performance. 
C) Executive performance. 
D) Audit performance.

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

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 15

Which of the following is NOT a criterion for a federal government "component" to be considered a reporting entity and therefore required to issue a financial report?

Accepted Answer

A) There is a management responsible for controlling and deploying the component's outputs and outcomes and for executing its budget.It is held accountable for its performance. 
B) The component is of sufficient size and significance that its financial statements would provide a meaningful representation of its operations and financial condition. 
C) The component is of sufficient cohesiveness of operations that its financial statements would provide a meaningful representation of a specific program or type of activity. 
D) Users are interested in the information to be reported in its financial statements and could use it to make resource allocation and related decisions. 
A) There is a management responsible for controlling and deploying the component's outputs and outcomes and for executing its budget.It is held accountable for its performance. 
B) The component is of sufficient size and significance that its financial statements would provide a meaningful representation of its operations and financial condition. 
C) The component is of sufficient cohesiveness of operations that its financial statements would provide a meaningful representation of a specific program or type of activity. 
D) Users are interested in the information to be reported in its financial statements and could use it to make resource allocation and related decisions.

Question 16

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 17

Which of the following is a true statement about the Federal Accounting Standards Advisory Board?

Accepted Answer

A) It is a sub-agency of the OMB. 
B) It is a shared jurisdiction board created following an agreement by three federal agencies. 
C) It is an executive office function. 
D) It was created by and reports to Congress. 
A) It is a sub-agency of the OMB. 
B) It is a shared jurisdiction board created following an agreement by three federal agencies. 
C) It is an executive office function. 
D) It was created by and reports to Congress.

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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 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 Department of the Treasury. 
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 Department of the Treasury. 
D) A cabinet position reporting to the U.S.president.

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

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

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

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

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

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

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

One of the more difficult issues to address in state and local government accounting is the reporting entity.A similar issue exists at the federal level.Discuss the financial reporting entity issue at the federal level.

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

The International Public Sector Accounting Standards Board has issued standards calling for which of the following?

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

Which of the following categories is included in the Objectives of Federal Financial Reporting?

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

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

Which of the following is NOT a criterion for a federal government "component" to be considered a reporting entity and therefore required to issue a financial report?

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

Which of the following is a true statement about the Federal Accounting Standards Advisory Board?

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

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

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

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

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

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

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

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

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

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

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

One of the more difficult issues to address in state and local government accounting is the reporting entity.A similar issue exists at the federal level.Discuss the financial reporting entity issue at the federal level.

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

The International Public Sector Accounting Standards Board has issued standards calling for which of the following?

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

Which of the following categories is included in the Objectives of Federal Financial Reporting?

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

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

Which of the following is NOT a criterion for a federal government "component" to be considered a reporting entity and therefore required to issue a financial report?

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

Which of the following is a true statement about the Federal Accounting Standards Advisory Board?

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

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

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

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