Exam 14: Financial Reporting by the Federal Government

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:

(Multiple Choice)

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Question 21

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

(Multiple Choice)

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Question 22

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

(Multiple Choice)

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Question 23

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:

(Multiple Choice)

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Question 24

Which of the following steps in the budgetary authority process occurs when Congress passes a spending bill which is signed by the President?

(Multiple Choice)

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Question 25

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 26

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:

(Multiple Choice)

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(81)

Question 27

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

(Essay)

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Question 28

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.

(Essay)

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Question 29

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 30

Which of the following steps in the budgetary authority process occurs when the Office of Management and Budget establishes the quarterly amount available to a federal agency for spending?

(Multiple Choice)

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Question 31

The Statement of Changes in Net Position of a federal agency should articulate with net position on the agency's Balance Sheet.

(True/False)

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Question 32

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

(Multiple Choice)

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Question 33

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:

(Multiple Choice)

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(87)

Question 34

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

(Multiple Choice)

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(74)

Question 35

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

(True/False)

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(78)

Question 36

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 entry at the agency level to record this event in the proprietary accounts will include:

(Multiple Choice)

4.8/5

(75)

Question 37

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

(Multiple Choice)

4.9/5

(72)

Question 38

Identify (in order of occurrence)the steps in the federal budgetary authority process.

(Essay)

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Question 39

The proprietary accounts of a federal agency are used to prepare the accrual basis financial statements of the federal government and its agencies.

(True/False)

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(78)

Question 40

Showing 21 - 40 of 68

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

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

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:

Which of the following steps in the budgetary authority process occurs when Congress passes a spending bill which is signed by the President?

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.

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:

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

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.

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 steps in the budgetary authority process occurs when the Office of Management and Budget establishes the quarterly amount available to a federal agency for spending?

The Statement of Changes in Net Position of a federal agency should articulate with net position on the agency's Balance Sheet.

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

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:

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

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

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 entry at the agency level to record this event in the proprietary accounts will include:

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

Identify (in order of occurrence)the steps in the federal budgetary authority process.

The proprietary accounts of a federal agency are used to prepare the accrual basis financial statements of the federal government and its agencies.

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

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