Exam 17: Accounting and Reporting for the Federal Government

Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board.

What is a Performance and Accountability Report (PAR)? Describe its purpose and contents.

Which of the following is required by OMB Circular A-136 in the basic financial statements?

Which of the following financial statements is not required by OMB Circular A-136?

Under SFFAS No.2,all federal agencies are defined as separate reporting entities for financial statement preparation and reporting purposes.

One of the purposes of the Federal Financial Management Improvement Act of 1996 was to

Heritage assets are defined as beneficial investments of the federal government in items such as nonfederal physical property,human capital,and research and development.

Which of the following federal financial statements relies primarily on the use of actuarial assumptions and long-range projections for the information reported on the statement?

Describe accounting for federal social insurance programs.Comment on the adequacy of current accounting standards in this area.

Explain the GAAP hierarchy used by federal government agencies.

"Each federal government agency should maintain a General Fund and as many other funds defined by the GASB as are appropriate." Do you agree? Why or why not?

A certain federal agency placed an order for office supplies at an estimated cost of $14,400.Later in the same fiscal year these supplies were received at an actual cost of $14,800.Assume commitment accounting is not used by this agency.When the order is placed the required journal entry (or entries)will affect the accounts shown in what net amounts?

The objectives of federal financial reporting are to assist report users in evaluating budgetary integrity,operating performance,stewardship,and adequacy of systems and controls.

Describe the budgetary accounts used in federal agency accounting and the flow of budgetary authority through those accounts.

Which of the following statements is not true about the United States government-wide financial report?

Current FASAB standards distinguish intragovernmental assets from governmental assets and entity assets from nonentity assets.

Objectives that are identified by SFFAS No.1 for federal financial reporting include budgetary integrity,operating performance,transparency,and stewardship.

By law,federal agencies must incorporate the accounting standards (GAAP)established for the federal government into their financial management systems.

Cumulative results of operations is the component of net position in a federal agency balance sheet that represents the amount of appropriations still available for obligation,or which has been obligated but not yet expended.

The "net position" of a federal agency may include all of the following components,except: