Exam 14: Financial Reporting by the Federal Government

Assume a federal agency has the following events: 1.Receives a warrant from the Treasury notifying the agency of appropriations of $16,000,000.2.OMB apportions 1/4^th of the appropriation for the first quarter of the year.3.The Director of the agency allots $ 3,960,000 to program units.4.Program units place orders $ 3,712,000.5.Supplies ($ 500,000)and services ($ 2,975,000)are received and paid during the first quarter.Supplies of $ 417,000 were used in the quarter. Required: Prepare any necessary journal entries to reflect the events described above.Identify whether the entry is budgetary or proprietary.

Which of the following steps in the budgetary authority process occurs when a federal agency issues a purchase order?

Assume a federal agency receives supplies that had been previously ordered that will be used to support a federal program.The journal entries at the agency level to record this event will include:

Federal agencies must include a Managements' Discussion and Analysis in their financial report.

Assume a federal agency prepared the following journal entries during the first quarter of the year.Prepare a schedule showing the status of the appropriation at the end of the first quarter.

Which of the following is responsible for preparing the federal government's consolidated financial statements?

Which of the following is not required in a federal agency's financial report?

Which of the following organizations is (are)part of the executive branch of the federal government?

Federal agencies must include a Statement of Cash Flows in their annual report.

Which of the following accounts are used to display the difference between assets and liabilities in a federal agency Balance Sheet?

Which of the following is (are)true regarding Federal Accounting Standards Advisory Board?

Assume a spending bill has been passed by Congress and signed by the President.The journal entries at the agency level to record this event will include:

Assume a federal agency has $ 150,000 of unobligated budgetary authority at the end of the fiscal year that must be returned to Treasury.The journal entries at the agency level to record this event will include:

Which of the following statements appearing in the federal government's consolidated financial report are prepared on the accrual basis of accounting?

The Statement of Budgetary Resources for a federal agency presents a comparison of budgeted and actual revenues and expenditures.

Identify the primary functions of the following entities as they relate to financial reporting by the federal government: a)Office of Management and Budget b)Department of Treasury c)Government Accountability Office

Which of the following is (are)true regarding the Government Accountability Office?

Which of the following is (are)accurate regarding a federal agency's Statement of Changes in Net Position?

Assume an outstanding account payable of a federal agency is paid.The journal entries at the agency level to record this event will include:

The Statement of Net Cost of a federal agency is prepared on the modified accrual basis of accounting.