Exam 17: Accounting and Reporting for the Federal Government

At the present time,the conceptual framework for the federal government and its agencies does not provide definitions of the basic elements of the financial statements.

Which of the following statements most accurately describes the dual-track accounting system used in federal agency accounting?

FASAB has identified four major user groups of federal financial reports,they are

Which of the following is not an objective identified in FASAB Statement of Accounting and Reporting Concepts No.1?

Unexpended appropriations 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.

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 received the required journal entry (or entries)will affect the accounts shown in what net amounts?

Which of the following accounts used in state and local government accounting is most like the federal budgetary account "Undelivered Orders"?

Federal departments and agencies should utilize the U.S.Government Standard General Ledger as the account structure for their accounting systems.

The management's discussion and analysis (MD&A)required in general purpose federal financial reporting is different than that required by GASB of state and local governments in that: