Question 1

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

Accepted Answer

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

Question 2

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

Accepted Answer

A)  The costs of government activities are presented by the reporting agency's strategic goals. 
B)  Net costs reported on the Statement of Net Costs should also appear on the Statement of Changes in Net Position. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  The costs of government activities are presented by the reporting agency's strategic goals. 
B)  Net costs reported on the Statement of Net Costs should also appear on the Statement of Changes in Net Position. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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 5

The budgetary authority process for a federal agency begins with an appropriation by Congress.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following are true of the proprietary accounts of the federal government?

Accepted Answer

A)  The accounts provide a record by which federal expenditures may be traced to the budgetary authority granted by Congress. 
B)  The accounts are used to present the financial position and results of operations of the federal government and its agencies using the accrual basis of accounting. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  The accounts provide a record by which federal expenditures may be traced to the budgetary authority granted by Congress. 
B)  The accounts are used to present the financial position and results of operations of the federal government and its agencies using the accrual basis of accounting. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 7

Which of the following is true regarding the Balance Sheet of a federal agency?

Accepted Answer

A)  The balance sheet is prepared using the current financial resource measurement focus. 
B)  Assets, including non-current assets, are measured on the accrual basis. 
C)  The difference between assets and liabilities is termed "Net Assets". 
D)  Assets are separated between current and noncurrent. 
A)  The balance sheet is prepared using the current financial resource measurement focus. 
B)  Assets, including non-current assets, are measured on the accrual basis. 
C)  The difference between assets and liabilities is termed "Net Assets". 
D)  Assets are separated between current and noncurrent.

Question 8

The Statement of Changes in Net Position of a federal agency presents the same information as a Statement of Cash Flows for a state or local government.

Accepted Answer

A) True 
 B)False

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

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

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

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

The budgetary authority process for a federal agency begins with an appropriation by Congress.

Which of the following are true of the proprietary accounts of the federal government?

Which of the following is true regarding the Balance Sheet of a federal agency?

The Statement of Changes in Net Position of a federal agency presents the same information as a Statement of Cash Flows for a state or local government.

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 Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Filters

Exam 14: Financial Reporting by the Federal Government

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

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

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

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

The budgetary authority process for a federal agency begins with an appropriation by Congress.

Which of the following are true of the proprietary accounts of the federal government?

Which of the following is true regarding the Balance Sheet of a federal agency?

The Statement of Changes in Net Position of a federal agency presents the same information as a Statement of Cash Flows for a state or local government.

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 Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Filters