Exam 14: Financial Reporting by the Federal Government

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:

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 is required in a federal agency's financial report?

The difference between assets and liabilities of a federal agency is comprised of Net Assets and may be classified as Unrestricted,Restricted,and Invested in Capital Assets Net of Related Debt.

The difference between assets and liabilities of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

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

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

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

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

Which of the following should not appear within the asset section of a federal agency balance sheet?

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

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

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.

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?

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

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

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

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 entries at the agency level to record this event will include:

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

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