Exam 14: Financial Reporting by the Federal Government

Which of the following are included in the Financial Snapshot section of the federal government's Citizens' Guide to the Financial Report of the US Government?

Which of the following is responsible for preparing the federal government' consolidated financial statements?

Fund Balance with Treasury is an example of which type of federal government account? Budgetary Proprietary Account Account

Assume an outstanding account payable of a federal agency is paid.The journal entries at the agency level to record this event will include:

Federal agencies which are required to report a Statement of Custodial Activity have transactions which are similar to which fund type of a state or local government?

Typically budgetary authority that is not obligated by a federal agency before the end of the fiscal year is returned to Treasury.

The Treasury Department maintains a government-wide system of accounts and prepares the federal government's consolidated financial statements.

Assume a federal agency has the following events: Receives a warrant from the Treasury notifying the agency of appropriations of $6,000,000. OMB apportions 1/4th of the appropriation for the first quarter of the year. The Director of the agency allots $1,400,000 to program units. Program units place orders $950,000. Supplies ($500,000)and services ($420,000)are received and paid during the first quarter.Supplies of $380,000 were used in the quarter. Required: Prepare any necessary journal entries to reflect the events described above.Identify whether the entry is a budgetary or proprietary type.

Federal agencies must include a Statement of Cash Flows in their annual report.

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?

Reserve for Encumbrances is an example of which type of federal government account? Budgetary Proprietary Account Account

The Statement of Budgetary Resources for a federal agency presents a comparison of budgeted and actual revenues and expenditures.

List the financial statements required of every federal government agency and indicate whether the statement is prepared using the accrual or budgetary basis of accounting.

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

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:

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

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

Which of the following is not required in the federal government's consolidated financial report?

Which of the following federal entities would not be required to prepare a Statement of Custodial Activity?

Which of the following statements appearing in the federal government's consolidated financial report are not prepared on the accrual basis of accounting?