Question 1

According to FASAB,entity assets are defined as those assets arising from transactions between federal entities.

Accepted Answer

A) True 
 B)False  False

Question 2

The following are key terms in Chapter 17 that relate to accounting and financial reporting for federal agencies and the federal government:
A.Apportionment
B.Budgetary resources
C.Expended appropriation
D.Governmental assets
E.Heritage assets
F.Intragovernmental assets
G.Stewardship investments
H.Stewardship land
For each of the following definitions,indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition.

Accepted Answer

1.E,2.F,3.D,4.A,5.H,6.B,7.C

Question 3

The purpose of revolving funds of the federal government is similar to that of proprietary funds of state and local governments.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following statements most accurately describes the dual-track accounting system used in federal agency accounting?

Accepted Answer

A)  Recording internal budgetary transactions and proprietary transactions with external parties on a modified accrual basis of accounting. 
B)  Use of double-entry accounting. 
C)  Maintaining self-balancing sets of proprietary and budgetary accounts and recording the effects of transactions on both available budgetary resources and proprietary accounts. 
D)  Keeping separate books, one on a tax basis and the other on a GAAP basis. 
A)  Recording internal budgetary transactions and proprietary transactions with external parties on a modified accrual basis of accounting. 
B)  Use of double-entry accounting. 
C)  Maintaining self-balancing sets of proprietary and budgetary accounts and recording the effects of transactions on both available budgetary resources and proprietary accounts. 
D)  Keeping separate books, one on a tax basis and the other on a GAAP basis.

Question 5

Which of the following federal financial statements relies primarily on the use of actuarial assumptions and long-range projections for the information reported on the statement?

Accepted Answer

A)  Balance sheet. 
B)  Statement of social insurance. 
C)  Statement of custodial activity. 
D)  Statement of fiduciary net assets. 
A)  Balance sheet. 
B)  Statement of social insurance. 
C)  Statement of custodial activity. 
D)  Statement of fiduciary net assets.

Question 6

As described in Statement of Federal Financial Accounting Concepts (SFFAC)No.2 "Entity and Display," which of the following is an accurate list of the three perspectives from which the federal government can be viewed?

Accepted Answer

A)  Function, department, and program. 
B)  Organization, budget, and program. 
C)  Budget, program, and line-item. 
D)  Fund, activity, and account. 
A)  Function, department, and program. 
B)  Organization, budget, and program. 
C)  Budget, program, and line-item. 
D)  Fund, activity, and account.

Question 7

Compute the missing amount in the following list of proprietary accounts of a federal government agency.Show all computations legibly with labels.
Proprietary Accounts:

Accepted Answer

The answer of Compute the missing amount in the following...

Question 8

Federal departments and agencies should utilize the U.S.Government Standard General Ledger as the account structure for their accounting systems.

Accepted Answer

A) True 
 B)False

Question 9

The "net position" of a federal agency may include all of the following components,except:

Accepted Answer

A)  Unexpended appropriations. 
B)  Cumulative results of operations. 
C)  Appropriations represented by undelivered orders and unobligated balances. 
D)  Fund balance with U.S. Treasury. 
A)  Unexpended appropriations. 
B)  Cumulative results of operations. 
C)  Appropriations represented by undelivered orders and unobligated balances. 
D)  Fund balance with U.S. Treasury.

Question 10

What is the difference between entity assets and nonentity assets?

Accepted Answer

Entity assets are those the reporting en

Question 11

Describe accounting for federal social insurance programs.Comment on the adequacy of current accounting standards in this area.

Accepted Answer

SFFAS No.17 provides guidance for report

Question 12

One of the purposes of the Federal Financial Management Improvement Act of 1996 was to:

Accepted Answer

A)  Establish a requirement that the financial statements of the federal government as a whole be audited. 
B)  Improve the effectiveness of programs receiving federal funds. 
C)  Establish generally accepted federal accounting principles. 
D)  Rebuild the credibility and restore public confidence in the federal government. 
A)  Establish a requirement that the financial statements of the federal government as a whole be audited. 
B)  Improve the effectiveness of programs receiving federal funds. 
C)  Establish generally accepted federal accounting principles. 
D)  Rebuild the credibility and restore public confidence in the federal government.

Question 13

The objectives of federal financial reporting are to assist report users in evaluating budgetary integrity,operating performance,stewardship,and adequacy of systems and controls.

Accepted Answer

A) True 
 B)False

Question 14

As identified by FASAB,which of the following are major user groups of federal financial reports?

Accepted Answer

A)  Congress, executives, program managers, and citizens. 
B)  Congress, executives, citizens, and municipal rating agencies. 
C)  Congress, program managers, foreign governments, and citizens. 
D)  Congress, program managers, bond rating agencies, and political parties. 
A)  Congress, executives, program managers, and citizens. 
B)  Congress, executives, citizens, and municipal rating agencies. 
C)  Congress, program managers, foreign governments, and citizens. 
D)  Congress, program managers, bond rating agencies, and political parties.

Question 15

Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?

Accepted Answer

A)  Chief Financial Officer of the Congressional Budget Office. 
B)  Chair of the Governmental Accounting Standards Board. 
C)  Secretary of the Treasury. 
D)  Chair of the Federal Accounting Standards Advisory Board. 
A)  Chief Financial Officer of the Congressional Budget Office. 
B)  Chair of the Governmental Accounting Standards Board. 
C)  Secretary of the Treasury. 
D)  Chair of the Federal Accounting Standards Advisory Board.

Question 16

A federal agency does not record depreciation expense.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard?

Accepted Answer

A)  Public comment on a discussion memorandum. 
B)  Issuing an exposure draft. 
C)  Unanimous approval by the FASAB. 
D)  Support (or lack of opposition) of the standard by the three principals (Comptroller General, Secretary of the Treasury, and Director of the Office of Management and Budget). 
A)  Public comment on a discussion memorandum. 
B)  Issuing an exposure draft. 
C)  Unanimous approval by the FASAB. 
D)  Support (or lack of opposition) of the standard by the three principals (Comptroller General, Secretary of the Treasury, and Director of the Office of Management and Budget).

Question 18

A certain federal agency placed an order for office supplies at an estimated cost of $14,400.Later in the same fiscal year these supplies were received at an actual cost of $14,800.Assume commitment accounting is not used by this agency.At the time the order is received,what is the net effect on the budgetary and proprietary track accounts?

Accepted Answer

A)  Budgetary Accounts: $14,400; Proprietary Accounts: $14,400. 
B)  Budgetary Accounts: $14,400; Proprietary Accounts: $14,800. 
C)  Budgetary Accounts: $400; Proprietary Accounts: $14,800. 
D)  Budgetary Accounts: $0; Proprietary Accounts: $14,800. 
A)  Budgetary Accounts: $14,400; Proprietary Accounts: $14,400. 
B)  Budgetary Accounts: $14,400; Proprietary Accounts: $14,800. 
C)  Budgetary Accounts: $400; Proprietary Accounts: $14,800. 
D)  Budgetary Accounts: $0; Proprietary Accounts: $14,800.

Question 19

What is a Performance and Accountability Report (PAR)? Describe its purpose and contents.

Accepted Answer

A PAR is a consolidated report prepared

Question 20

Which of the following is not a fund group used by the federal government?

Accepted Answer

A)  General Fund. 
B)  Permanent Fund. 
C)  Special Fund. 
D)  Trust Fund. 
A)  General Fund. 
B)  Permanent Fund. 
C)  Special Fund. 
D)  Trust Fund.

According to FASAB,entity assets are defined as those assets arising from transactions between federal entities.

The purpose of revolving funds of the federal government is similar to that of proprietary funds of state and local governments.

Which of the following statements most accurately describes the dual-track accounting system used in federal agency accounting?

Which of the following federal financial statements relies primarily on the use of actuarial assumptions and long-range projections for the information reported on the statement?

As described in Statement of Federal Financial Accounting Concepts (SFFAC)No.2 "Entity and Display," which of the following is an accurate list of the three perspectives from which the federal government can be viewed?

Compute the missing amount in the following list of proprietary accounts of a federal government agency.Show all computations legibly with labels. Proprietary Accounts:

Federal departments and agencies should utilize the U.S.Government Standard General Ledger as the account structure for their accounting systems.

The "net position" of a federal agency may include all of the following components,except:

What is the difference between entity assets and nonentity assets?

Describe accounting for federal social insurance programs.Comment on the adequacy of current accounting standards in this area.

One of the purposes of the Federal Financial Management Improvement Act of 1996 was to:

The objectives of federal financial reporting are to assist report users in evaluating budgetary integrity,operating performance,stewardship,and adequacy of systems and controls.

As identified by FASAB,which of the following are major user groups of federal financial reports?

Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?

A federal agency does not record depreciation expense.

Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard?

What is a Performance and Accountability Report (PAR)? Describe its purpose and contents.

Which of the following is not a fund group used by the federal government?

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

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activitiesagency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizationsregulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Filters

Exam 17: Accounting and Reporting for the Federal Government Glossary

According to FASAB,entity assets are defined as those assets arising from transactions between federal entities.

The purpose of revolving funds of the federal government is similar to that of proprietary funds of state and local governments.

Which of the following statements most accurately describes the dual-track accounting system used in federal agency accounting?

Which of the following federal financial statements relies primarily on the use of actuarial assumptions and long-range projections for the information reported on the statement?

As described in Statement of Federal Financial Accounting Concepts (SFFAC)No.2 "Entity and Display," which of the following is an accurate list of the three perspectives from which the federal government can be viewed?

Compute the missing amount in the following list of proprietary accounts of a federal government agency.Show all computations legibly with labels. Proprietary Accounts:

Federal departments and agencies should utilize the U.S.Government Standard General Ledger as the account structure for their accounting systems.

The "net position" of a federal agency may include all of the following components,except:

What is the difference between entity assets and nonentity assets?

Describe accounting for federal social insurance programs.Comment on the adequacy of current accounting standards in this area.

One of the purposes of the Federal Financial Management Improvement Act of 1996 was to:

The objectives of federal financial reporting are to assist report users in evaluating budgetary integrity,operating performance,stewardship,and adequacy of systems and controls.

As identified by FASAB,which of the following are major user groups of federal financial reports?

Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?

A federal agency does not record depreciation expense.

Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard?

What is a Performance and Accountability Report (PAR)? Describe its purpose and contents.

Which of the following is not a fund group used by the federal government?

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

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activitiesagency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizationsregulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Filters