Question 1

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

Accepted Answer

A) Adjudicating claims for and against the federal government. 
B) Monitoring the execution of the federal budget. 
C) Overseeing the central accounting and reporting systems. 
D) Apportioning federal appropriations. 
A) Adjudicating claims for and against the federal government. 
B) Monitoring the execution of the federal budget. 
C) Overseeing the central accounting and reporting systems. 
D) Apportioning federal appropriations.

Question 2

The federal government maintains a dual system of accounts.What are the two types of accounts? Why does the federal government keep two types?

Accepted Answer

The two types of accounts maintained by

Question 3

Pronouncements of the IFAC's International Public Sector Accounting Standards Board (IPSASB)state that third-world governments should prepare cash-basis financial statements..

Accepted Answer

A) True 
 B)False

Question 4

The FASAB has explained that government liabilities are attributable to "events." What are "events"? What types of events has FASAB identified? Give some examples of each type.When should liabilities be recognized for each type of event?

Accepted Answer

The FASAB has explained that "events" en

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 esources. 
C) Statement of financing. 
D) Statement of stewardship assets. 
A) Balance sheet. 
B) Statement of budgetary esources. 
C) Statement of financing. 
D) Statement of stewardship assets.

Question 6

Which of the following has the responsibility for auditing all federal agencies and programs?

Accepted Answer

A) OMB. 
B) FASAB. 
C) GAO. 
D) The Department of the Treasury. 
A) OMB. 
B) FASAB. 
C) GAO. 
D) The Department of the Treasury.

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

The federal government maintains a dual system of accounts.What are the two types of accounts? Why does the federal government keep two types?

Pronouncements of the IFAC's International Public Sector Accounting Standards Board (IPSASB)state that third-world governments should prepare cash-basis financial statements..

The FASAB has explained that government liabilities are attributable to "events." What are "events"? What types of events has FASAB identified? Give some examples of each type.When should liabilities be recognized for each type of event?

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

Which of the following has the responsibility for auditing all federal agencies and programs?

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

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

The federal government maintains a dual system of accounts.What are the two types of accounts? Why does the federal government keep two types?

Pronouncements of the IFAC's International Public Sector Accounting Standards Board (IPSASB)state that third-world governments should prepare cash-basis financial statements..

The FASAB has explained that government liabilities are attributable to "events." What are "events"? What types of events has FASAB identified? Give some examples of each type.When should liabilities be recognized for each type of event?

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

Which of the following has the responsibility for auditing all federal agencies and programs?

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