Exam 17: Accounting and Reporting for the Federal Government

Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?

Which of the following describes the usual flow of budgetary authority through the budgetary accounts of a federal agency?

Explain the process of financial reporting of the U.S.Government as a whole.Does the federal government receive an unqualified audit opinion on its financial report?

Describe the purpose of a management's discussion and analysis (MD&A)in the general purpose federal financial report of a federal agency.

Explain the "dual-track" accounting system used by federal agencies and why it is needed.

In federal government accounting,recording the estimated amount of equipment prior to actually placing an order or entering into a contract is called a(an)

The Federal Monuments Commission began operations on October 1,2014.Show in general journal form all entries that should be made in budgetary and proprietary accounts of the agency to record the following events: A.The Congress passed,and the President signed,a one-year appropriation for fiscal year 2015 for the Monuments Commission in the amount of $30,000,000. B.The OMB notified the agency of the following apportionments of the 2015 appropriation: first quarter,$8,000,000; second quarter,$8,000,000; third quarter,$7,000,000; and fourth quarter,$7,000,000. C.The Commission Director allotted $1,500,000 for the operations of October 2014. D.Commitments for goods and services not yet ordered or received were recorded in the amount of $1,300,000. E.Purchase orders and contracts for services were recorded for the month of October 2014 in the amount of $1,250,000.

Which of the following is an accurate list of the three perspectives from which the federal government can be viewed,as described in SFFAS No.2 "Entity and Display?"

Identify the office,officer,or department of the United States federal government that is responsible for each of the following: A)Appropriations. B)Apportionments. C)Allotments. D)Obligations.

Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard?

What is the difference between entity assets and nonentity assets?

The Comptroller General of the United States is the head of the:

The Desert Conservation Agency was authorized by the United States Congress to commence operations on October 1,2014.Record the following transactions in general journal form,as they should appear in the budgetary and proprietary accounts of the agency.For each entry indicate whether it affects the budgetary accounts or the proprietary accounts. A.The agency received official notice that its one-year appropriation passed by the Congress and signed by the President amounted to $350 million for operating expenses for the fiscal year and $100 million for acquisition of capital assets during the year. B.The Office of Management and Budget notified the agency that the entire appropriation had been apportioned. C.The head of the agency allotted $75 million for the first quarter's operating expenses,and $25 million for equipment to be ordered during the first quarter. D.Purchase orders and contracts for services recorded for the first quarter totaled $90 million (the agency does not record commitments prior to placing orders or entering into contracts). E.Total expenditures for the first quarter amounted to $70 million for operating expenses and $18 million for equipment,for which an obligation in the amount of $84 million had been previously recorded (see item D above).The expenditures were all paid from fund balance with U.S.Treasury.

Where would federal agencies report information concerning their performance goals and performance results,along with their future challenges?

Federal government accounting standards require the measurement of expenses rather than expenditures.

Fund balances of a federal agency's various funds are reported in the fund equity section of the agency's balance sheet.

Explain the components of net position.

The federal budgetary term "commitment" is synonymous with "appropriations" as used in state and local government terminology.

Federal government agencies prepare a management's discussion and analysis (MD&A)to be included in their general purpose federal financial report.

The financial statements of the U.S.government are prepared using generally accepted accounting principles promulgated by the Governmental Accounting Standards Board.