Chat with AIExam 11: Auditing of Governmental and Not-For-Profit Organizations
Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?
(84) 
VerifiedC
Explain the components of net position.
(92) VerifiedNet position is the term used to describe the aggregate of the net assets of all an agency's funds.It consists of two components: unexpended appropriations and cumulative results of operations.Unexpended appropriations is the amount of the entity's appropriations represented by undelivered orders and unobligated balances.Cumulative results of operations are the net differences between expenses/losses and financing sources,including appropriations,revenues,and gains,since the inception of the activity,as well as the fair market value of donated assets and assets (net of liabilities)transferred to or from other federal entities without reimbursement.
Describe the budgetary accounts used in federal agency accounting and the flow of budgetary authority through those accounts.
(100) VerifiedThe budgetary accounts illustrated in Chapter 11 are appropriations,apportionments,allotments,commitments,obligations,and expended appropriations.As shown in Illustration 11-11 and illustrative transactions 1 through 15 in Chapter 11,the budgetary authority flows through the accounts in the sequence given above as the OMB notifies the agency of its approved appropriation,OMB apportions it to the agency,the agency head allots it within the agency,pre-order commitments are recorded,orders are placed,and goods are received.
Which of the following statements is not true about the United States government-wide financial report?
(80) Federal government agencies prepare a management's discussion and analysis (MD&A)to be included in their general purpose federal financial report.
(90) The management's discussion and analysis (MD&A)required in general purpose federal financial reporting is different than that required by GASB of state and local governments in that:
(91) The objectives of federal financial reporting are to assist report users in evaluating budgetary integrity,operating performance,stewardship,and adequacy of systems and controls.
(91) Which of the following is not an objective identified in FASAB Statement of Accounting and Reporting Concepts No.1?
(93) Which of the following financial statements is not required by OMB Circular A-136?
(84) What is a Performance and Accountability Report (PAR)? Describe its purpose and contents.
(92) The three perspectives from which the federal government can be viewed are organizational,budget,and line-item.
(77) One of the purposes of the Federal Financial Management Improvement Act of 1996 was to
(75) Objectives that are identified by SFFAS No.1 for federal financial reporting include budgetary integrity,operating performance,transparency,but not stewardship.
(91) Beneficial investments of the federal government in items such as nonfederal physical property,human capital,and research and development on the financial statements are called heritage assets.
(69) 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.When the order is placed the required journal entry (or entries)will affect the accounts shown in what net amounts?
(81) Federal government accounting standards require the measurement of expenses rather than expenditures.
(78) The federal budgetary term "commitment" is synonymous with "encumbrance" as used in state and local government terminology.
(84) Fund balances of a federal agency's various funds are reported in the fund equity section of the agency's balance sheet.
(73) 
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