Exam 17: Accounting and Reporting for the Federal Government Glossary

Unexpended appropriations is the component of net position in a federal agency balance sheet that represents the amount of appropriations still available for obligation,or which has been obligated but not yet expended.

An example of a federal government general property,plant,and equipment asset would be Yellowstone National Park.

A federal agency recorded the receipt of supplies at an actual cost of $57,000.At the time the purchase orders were issued it was estimated the supplies would cost $56,000. How would this transaction be recorded in the budgetary track accounts?

Identify the office,officer,or department of the United States federal government that is responsible for each of the following: A.Appropriations. B.Apportionments. C.Allotments. D.Obligations.

The Comptroller General of the United States is the head of the:

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 placed,what is the net effect on the budgetary and proprietary track accounts?

Explain the "dual-track" accounting system used by federal agencies and why it is needed.

Which of the following is an example of a stewardship asset?

Federal government agencies prepare a management's discussion and analysis (MD&A)to be included in their general purpose federal financial report.

A federal agency issued $1,000 in purchase orders for goods and services. How would this transaction be recorded?

Under federal government accounting,recording the estimated amount of equipment prior to actually placing an order or entering into a contract is called a(an):

Which of the following is required by OMB Circular A-136 in the basic financial statements?

When an appropriation is passed a federal agency would record entries in both the budgetary and the proprietary track accounts.

The Federal Monuments Commission began operations on October 1,2017.Show in general journal form all entries that should be made in budgetary and proprietary accounts of the agency to record the following events: 1.The Congress passed,and the President signed,a one-year appropriation for fiscal year 2018 for the Monuments Commission in the amount of $30,000,000. 2.The OMB notified the agency of the following apportionments of the 2018 appropriation: first quarter,$8,000,000; second quarter,$8,000,000; third quarter,$7,000,000; and fourth quarter,$7,000,000. 3.The Commission Director allotted $1,500,000 for the operations of October 2017. 4.Commitments for goods and services not yet ordered or received were recorded in the amount of $1,300,000. 5.Purchase orders and contracts for services were recorded for the month of October 2017 in the amount of $1,250,000.

A federal agency recorded the receipt of supplies at an actual cost of $57,000.At the time the purchase orders were issued it was estimated the supplies would cost $56,000. How would this transaction be recorded in the proprietary track accounts?

Similar to state and local governments,the federal government uses funds to demonstrate funds are being used for their intended purposes.

The financial statements of the U.S.government are prepared using generally accepted accounting principles promulgated by the Governmental Accounting Standards Board.

Explain the GAAP hierarchy used by federal government agencies.

Which of the following statements is not about the United States government-wide financial report?

Under SFFAC No.2,all federal agencies are defined as separate reporting entities for financial statement preparation and reporting purposes.