Question 1

Apportionments are issued by the OMB and establish the amount of an appropriation that will be available each quarter.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A)  The Board is called "Advisory" because Statements issued by the board are recommended accounting standards but are not "level A GAAP" for federal agencies 
B)  Statements issued by the board are recognized as the highest level of authoritative standard for federal government entities 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  The Board is called "Advisory" because Statements issued by the board are recommended accounting standards but are not "level A GAAP" for federal agencies 
B)  Statements issued by the board are recognized as the highest level of authoritative standard for federal government entities 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 3

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 4

Allotments are made at the agency level and assign portions of the appropriation to subunits or programs.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following should appear within the equity (net position)section of a federal agency balance sheet?

Accepted Answer

A)  Net Position - Unexpended Appropriations 
B)  Fund Balance with Treasury 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  Net Position - Unexpended Appropriations 
B)  Fund Balance with Treasury 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 6

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 7

The net position of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  Unrestricted Net Position, Restricted Net Position, and Net Investment in Capital Assets. 
B)  Unassigned, Assigned, Committed, Restricted and Nonspendable fund balance. 
C)  Unrestricted, Temporarily Restricted, and Permanently Restricted Net Assets 
D)  Unexpended Appropriations and Cumulative Results of Operations 
A)  Unrestricted Net Position, Restricted Net Position, and Net Investment in Capital Assets. 
B)  Unassigned, Assigned, Committed, Restricted and Nonspendable fund balance. 
C)  Unrestricted, Temporarily Restricted, and Permanently Restricted Net Assets 
D)  Unexpended Appropriations and Cumulative Results of Operations

Question 9

Which organization promulgates Statements of Federal Financial Accounting Standards?

Accepted Answer

A)  The American Institute of Certified Public Accountants 
B)  The Federal Accounting Standards Advisory Board 
C)  The U.S. Office of Management and Budget 
D)  The U.S. Government Accountability Office 
A)  The American Institute of Certified Public Accountants 
B)  The Federal Accounting Standards Advisory Board 
C)  The U.S. Office of Management and Budget 
D)  The U.S. Government Accountability Office

Question 10

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 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 13

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 14

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 15

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

Accepted Answer

A)  The GAO establishes accounting standards applicable to the federal government and its agencies 
B)  The GAO establishes auditing standards applicable to the federal government and its agencies 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  The GAO establishes accounting standards applicable to the federal government and its agencies 
B)  The GAO establishes auditing standards applicable to the federal government and its agencies 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 16

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 17

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

Question 18

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 19

The Federal Accounting Standards Advisory Board was formed by the Secretary of the Treasury,Director of OMB,and Comptroller General.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A)  It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services. 
B)  Costs are reported within the broad categories of current, capital, and debt service. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services. 
B)  Costs are reported within the broad categories of current, capital, and debt service. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Apportionments are issued by the OMB and establish the amount of an appropriation that will be available each quarter.

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

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

Allotments are made at the agency level and assign portions of the appropriation to subunits or programs.

Which of the following should appear within the equity (net position)section of a federal agency balance sheet?

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?

The net position of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

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

Which organization promulgates Statements of Federal Financial Accounting Standards?

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

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

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?

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?

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

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

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?

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

The Federal Accounting Standards Advisory Board was formed by the Secretary of the Treasury,Director of OMB,and Comptroller General.

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

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

Apportionments are issued by the OMB and establish the amount of an appropriation that will be available each quarter.

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

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

Allotments are made at the agency level and assign portions of the appropriation to subunits or programs.

Which of the following should appear within the equity (net position)section of a federal agency balance sheet?

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?

The net position of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

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

Which organization promulgates Statements of Federal Financial Accounting Standards?

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

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

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?

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?

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

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

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?

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

The Federal Accounting Standards Advisory Board was formed by the Secretary of the Treasury,Director of OMB,and Comptroller General.

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

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