Exam 14: Financial Reporting by the Federal Government

List the financial statements required of every federal government agency and indicate whether the statement is prepared using the accrual or budgetary basis of accounting.

(Essay)

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Question 61

Which of the following are true of the budgetary accounts of the federal government?

(Multiple Choice)

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Question 62

The budgetary authority process for a federal agency begins with the Treasury Department issuing a warrant granting the agency the authority to withdraw funds.

(True/False)

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Question 63

Which of the following should not appear within the asset section of a federal agency balance sheet?

(Multiple Choice)

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Question 64

The difference between assets and liabilities of a federal agency is comprised of Fund Balance and may be classified as Nonspendable,Committed,Restricted,Assigned and Unassigned.

(True/False)

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Question 65

Typically,budgetary authority that is not obligated by a federal agency before the end of the fiscal year rolls over and is available for the following fiscal year.

(True/False)

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Question 66

Showing 61 - 66 of 66

List the financial statements required of every federal government agency and indicate whether the statement is prepared using the accrual or budgetary basis of accounting.

Which of the following are true of the budgetary accounts of the federal government?

The budgetary authority process for a federal agency begins with the Treasury Department issuing a warrant granting the agency the authority to withdraw funds.

Which of the following should not appear within the asset section of a federal agency balance sheet?

The difference between assets and liabilities of a federal agency is comprised of Fund Balance and may be classified as Nonspendable,Committed,Restricted,Assigned and Unassigned.

Typically,budgetary authority that is not obligated by a federal agency before the end of the fiscal year rolls over and is available for the following fiscal year.

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

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