Exam 11: Auditing of Governmental and Not-For-Profit Organizations

Which of the following federal officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board?

"Each federal government agency should maintain a General Fund and as many other funds defined by the GASB as are appropriate." Do you agree? Why or why not?

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

At the present time,the conceptual framework for the federal government and its agencies does not provide definitions of the basic elements of the financial statements.

Which of the following describes the usual flow of budgetary authority through the budgetary accounts of a federal agency?

Federal departments and agencies should utilize the U.S.Government Standard General Ledger as the account structure for their accounting systems.

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.

Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board.

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

Which of the following federal programs involve nonexchange transactions for which there is some accounting guidance on recording liabilities but for which much more research is needed?

The "net position" of a federal agency may include all of the following components,except.