Question 1

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) A

Question 2

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.

Accepted Answer

1.Balance Sheet - accrual basis
2.Statement of Net Cost - accrual basis
3.Statement of Changes in Net Position - accrual basis
4.Statement of Budgetary Resources - budgetary basis

Question 3

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

Accepted Answer

A)  Government Accountability Office 
B)  Congressional Budget Office 
C)  Office of Management and Budget 
D)  Department of Treasury 
A)  Government Accountability Office 
B)  Congressional Budget Office 
C)  Office of Management and Budget 
D)  Department of Treasury D

Question 4

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

Accepted Answer

A)  Balance Sheet 
B)  Statement of Operations and Changes in Net Position 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  Balance Sheet 
B)  Statement of Operations and Changes in Net Position 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

The Statement of Custodial Activity is not required of every federal agency but is prepared by the SEC,IRS and Customs.

Accepted Answer

A) True 
 B)False

Question 8

Assume a federal agency has the following events:
1.Receives a warrant from the Treasury notifying the agency of appropriations of $12,000,000.2.OMB apportions 1/4th of the appropriation for the first quarter of the year.3.The Director of the agency allots $ 2,850,000 to program units.4.Program units place orders $ 2,790,000.5.Supplies ($ 490,000)and services ($ 2,291,000)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.

Accepted Answer

Question 9

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

Accepted Answer

A)  a debit to the account Accounts Payable 
B)  a credit to the account Cash 
C)  Both (a) and (b) 
D)  Neither (a) nor (b) 
A)  a debit to the account Accounts Payable 
B)  a credit to the account Cash 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Question 10

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

Accepted Answer

A)  Congressional Budget Office 
B)  US Department of Internal Audit 
C)  Office of Management and Budget 
D)  Government Accountability Office 
A)  Congressional Budget Office 
B)  US Department of Internal Audit 
C)  Office of Management and Budget 
D)  Government Accountability Office

Question 11

The Statement of Budgetary Resources for a federal agency is prepared on the accrual basis.

Accepted Answer

A) True 
 B)False

Question 12

Allotments is an example of which type of federal government account?
Budgetary Proprietary
Account Account

Accepted Answer

A)  Yes Yes 
B)  No Yes 
C)  Yes No 
D)  No No 
A)  Yes Yes 
B)  No Yes 
C)  Yes No 
D)  No No

Question 13

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.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A)  Government Accountability Office 
B)  Office of Management and Budget 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  Government Accountability Office 
B)  Office of Management and Budget 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A)  Statement of Budgetary Resources 
B)  Statement of Changes in Net Position 
C)  Statement of Cash Flows 
D)  Balance Sheet 
A)  Statement of Budgetary Resources 
B)  Statement of Changes in Net Position 
C)  Statement of Cash Flows 
D)  Balance Sheet

Question 18

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

Accepted Answer

A)  The accounts provide a record by which federal expenditures may be traced to the budgetary authority granted by Congress. 
B)  The accounts are used to present the financial position and results of operations of the federal government and its agencies using the accrual basis of accounting. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  The accounts provide a record by which federal expenditures may be traced to the budgetary authority granted by Congress. 
B)  The accounts are used to present the financial position and results of operations of the federal government and its agencies using the accrual basis of accounting. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 19

Federal agencies that are required to report a Statement of Custodial Activity have transactions that are similar to which fund type of a state or local government?

Accepted Answer

A)  Agency funds 
B)  Internal service funds 
C)  Capital projects funds 
D)  Permanent funds 
A)  Agency funds 
B)  Internal service funds 
C)  Capital projects funds 
D)  Permanent funds

Question 20

Operating Expense: Contracted Services is an example of which type of federal government account?
Budgetary Proprietary
Account Account

Accepted Answer

A)  Yes Yes 
B)  No Yes 
C)  Yes No 
D)  No No 
A)  Yes Yes 
B)  No Yes 
C)  Yes No 
D)  No No

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

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

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

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

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

The Statement of Custodial Activity is not required of every federal agency but is prepared by the SEC,IRS and Customs.

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

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

The Statement of Budgetary Resources for a federal agency is prepared on the accrual basis.

Allotments is an example of which type of federal government account? Budgetary Proprietary Account Account

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.

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

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

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

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

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

Federal agencies that are required to report a Statement of Custodial Activity have transactions that are similar to which fund type of a state or local government?

Operating Expense: Contracted Services is an example of which type of federal government account? Budgetary Proprietary Account Account

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 Funds, Inter-fund Transactions

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

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

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

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

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

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

The Statement of Custodial Activity is not required of every federal agency but is prepared by the SEC,IRS and Customs.

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

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

The Statement of Budgetary Resources for a federal agency is prepared on the accrual basis.

Allotments is an example of which type of federal government account? Budgetary Proprietary Account Account

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.

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

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

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

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

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

Federal agencies that are required to report a Statement of Custodial Activity have transactions that are similar to which fund type of a state or local government?

Operating Expense: Contracted Services is an example of which type of federal government account? Budgetary Proprietary Account Account

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 Funds, Inter-fund Transactions

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