Question 1

The account Fund Balance with Treasury is classified as an asset on a federal agency's balance sheet.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following steps in the federal government's budgetary authority process is most similar to the recording of encumbrances by state and local governments?

Accepted Answer

A)  Apportionment 
B)  Appropriation 
C)  Allotment 
D)  Obligation 
A)  Apportionment 
B)  Appropriation 
C)  Allotment 
D)  Obligation

Question 3

Describe the purpose of the following:
a)Federal government budgetary accounts
b)Federal government proprietary accounts

Accepted Answer

a)Budgetary accounts provide a record wh

Question 4

Assume the director of a federal agency allots a portion of the agency's apportionment to subunits within the agency.The journal entries at the agency level to record this event will include:

Accepted Answer

A)  a debit to the account Apportionments 
B)  a debit to the account Allotments 
C)  a credit to the account Obligations - Undelivered Orders 
D)  None of the above 
A)  a debit to the account Apportionments 
B)  a debit to the account Allotments 
C)  a credit to the account Obligations - Undelivered Orders 
D)  None of the above

Question 5

The Statement of Changes in Net Position of a federal agency presents the same information as a Statement of Cash Flows for a state or local government.

Accepted Answer

A) True 
 B)False

Question 6

Accounting standards for the federal government and its agencies are established by the Federal Accounting Standards Advisory Board.

Accepted Answer

A) True 
 B)False

Question 7

Assume a federal agency places orders for contracted services supporting a federal program.The journal entries at the agency level to record this event will include:

Accepted Answer

A)  a credit to the account Obligations - Undelivered Orders 
B)  a debit to the account Operating (program) Expense 
C)  Both (a) and (b) 
D)  Neither (a) nor (b) 
A)  a credit to the account Obligations - Undelivered Orders 
B)  a debit to the account Operating (program) Expense 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Question 8

Which of the following is true regarding the Balance Sheet of a federal agency?

Accepted Answer

A)  The balance sheet is prepared using the economic resource measurement focus and accrual accounting. 
B)  Assets are measured on the modified accrual basis. 
C)  The difference between assets and liabilities is termed "Net Assets". 
D)  Assets are separated between current and noncurrent. 
A)  The balance sheet is prepared using the economic resource measurement focus and accrual accounting. 
B)  Assets are measured on the modified accrual basis. 
C)  The difference between assets and liabilities is termed "Net Assets". 
D)  Assets are separated between current and noncurrent.

Question 9

Which of the following is (are)true regarding the Chief Financial Officers Act?

Accepted Answer

A)  The Act created the position of chief financial officer within federal agencies 
B)  The Act called for audits of the financial statements of federal agencies 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  The Act created the position of chief financial officer within federal agencies 
B)  The Act called for audits of the financial statements of federal agencies 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 10

The budgetary accounts of a federal agency reflect the status of an appropriation.

Accepted Answer

A) True 
 B)False

Question 11

A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter:
  What is the total amount of purchase orders placed in the first quarter of the year?

Accepted Answer

A)  30,000 
B)  145,000 
C)  175,000 
D)  180,000 
A)  30,000 
B)  145,000 
C)  175,000 
D)  180,000

Question 12

Accounting standards for the federal government and its agencies are established by the Government Accountability Office.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is (are)accurate regarding a federal agency's Statement of Budgetary Resources?

Accepted Answer

A)  The statement reports the status of budgetary resources at year end. 
B)  Outlays are measured using the accrual basis of accounting. 
C)  Both (a) and (b) 
D)  Neither (a) nor (b) 
A)  The statement reports the status of budgetary resources at year end. 
B)  Outlays are measured using the accrual basis of accounting. 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Question 14

The Office of Management and Budget maintains a government-wide system of accounts and prepares the federal government's consolidated financial statements.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following events will result in a journal entry being recorded in both the budgetary and proprietary accounts of a federal agency?

Accepted Answer

A)  Treasury notifies the agency that Congress passed legislation (signed by the President) granting budgetary authority to fund its activities. 
B)  The agency places orders for goods or services. 
C)  Both (a) and (b) 
D)  Neither (a) nor (b) 
A)  Treasury notifies the agency that Congress passed legislation (signed by the President) granting budgetary authority to fund its activities. 
B)  The agency places orders for goods or services. 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Question 16

A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter:
  What is the total amount allotted to subunits or programs within the agency during the first quarter of the year?

Accepted Answer

A)  15,000 
B)  45,000 
C)  190,000 
D)  200,000 
A)  15,000 
B)  45,000 
C)  190,000 
D)  200,000

Question 17

The account Obligations - Undelivered Orders is debited when goods and services are received.

Accepted Answer

A) True 
 B)False

Question 18

The Statement of Operations and Changes in Net Position for the consolidated report of the federal government is prepared on the accrual basis of accounting.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following are included in the Financial Snapshot section of the federal government's Citizen's Guide to the Financial Report of the US Government?

Accepted Answer

A)  The Net Operating Cost of the federal government 
B)  The Net Position (assets minus liabilities) of the federal government 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  The Net Operating Cost of the federal government 
B)  The Net Position (assets minus liabilities) of the federal government 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 20

Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?

Accepted Answer

A)  Department of Treasury 
B)  Congressional Budget Office 
C)  American Institute of CPAs 
D)  All of the above 
A)  Department of Treasury 
B)  Congressional Budget Office 
C)  American Institute of CPAs 
D)  All of the above

The account Fund Balance with Treasury is classified as an asset on a federal agency's balance sheet.

Which of the following steps in the federal government's budgetary authority process is most similar to the recording of encumbrances by state and local governments?

Describe the purpose of the following: a)Federal government budgetary accounts b)Federal government proprietary accounts

Assume the director of a federal agency allots a portion of the agency's apportionment to subunits within the agency.The journal entries at the agency level to record this event will include:

The Statement of Changes in Net Position of a federal agency presents the same information as a Statement of Cash Flows for a state or local government.

Accounting standards for the federal government and its agencies are established by the Federal Accounting Standards Advisory Board.

Assume a federal agency places orders for contracted services supporting a federal program.The journal entries at the agency level to record this event will include:

Which of the following is true regarding the Balance Sheet of a federal agency?

Which of the following is (are)true regarding the Chief Financial Officers Act?

The budgetary accounts of a federal agency reflect the status of an appropriation.

A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter: What is the total amount of purchase orders placed in the first quarter of the year?

Accounting standards for the federal government and its agencies are established by the Government Accountability Office.

Which of the following is (are)accurate regarding a federal agency's Statement of Budgetary Resources?

The Office of Management and Budget maintains a government-wide system of accounts and prepares the federal government's consolidated financial statements.

Which of the following events will result in a journal entry being recorded in both the budgetary and proprietary accounts of a federal agency?

A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter: What is the total amount allotted to subunits or programs within the agency during the first quarter of the year?

The account Obligations - Undelivered Orders is debited when goods and services are received.

The Statement of Operations and Changes in Net Position for the consolidated report of the federal government is prepared on the accrual basis of accounting.

Which of the following are included in the Financial Snapshot section of the federal government's Citizen's Guide to the Financial Report of the US Government?

Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Filters

Exam 14: Financial Reporting by the Federal Government

The account Fund Balance with Treasury is classified as an asset on a federal agency's balance sheet.

Which of the following steps in the federal government's budgetary authority process is most similar to the recording of encumbrances by state and local governments?

Describe the purpose of the following: a)Federal government budgetary accounts b)Federal government proprietary accounts

Assume the director of a federal agency allots a portion of the agency's apportionment to subunits within the agency.The journal entries at the agency level to record this event will include:

The Statement of Changes in Net Position of a federal agency presents the same information as a Statement of Cash Flows for a state or local government.

Accounting standards for the federal government and its agencies are established by the Federal Accounting Standards Advisory Board.

Assume a federal agency places orders for contracted services supporting a federal program.The journal entries at the agency level to record this event will include:

Which of the following is true regarding the Balance Sheet of a federal agency?

Which of the following is (are)true regarding the Chief Financial Officers Act?

The budgetary accounts of a federal agency reflect the status of an appropriation.

A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter: What is the total amount of purchase orders placed in the first quarter of the year?

Accounting standards for the federal government and its agencies are established by the Government Accountability Office.

Which of the following is (are)accurate regarding a federal agency's Statement of Budgetary Resources?

The Office of Management and Budget maintains a government-wide system of accounts and prepares the federal government's consolidated financial statements.

Which of the following events will result in a journal entry being recorded in both the budgetary and proprietary accounts of a federal agency?

A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter: What is the total amount allotted to subunits or programs within the agency during the first quarter of the year?

The account Obligations - Undelivered Orders is debited when goods and services are received.

The Statement of Operations and Changes in Net Position for the consolidated report of the federal government is prepared on the accrual basis of accounting.

Which of the following are included in the Financial Snapshot section of the federal government's Citizen's Guide to the Financial Report of the US Government?

Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Filters