Exam 14: Financial Reporting by the Federal Government

Typically, budgetary authority that is not obligated by a federal agency before the end of the fiscal year rolls over and is available for the following fiscal year.

Which of the following federal entities would be required to prepare a Statement of Custodial Activity?

The Statement of Changes in Net Position of a federal agency should articulate with net position on the agency's Balance Sheet.

The budgetary authority process for a federal agency begins with the Treasury Department issuing a warrant granting the agency the authority to withdraw funds.

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 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 statements is correct?

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

At what point in the budgetary authority process may a federal agency or its subunits begin to place orders for goods and services?

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

The Statement of Custodial Activity is required only if the government agency collects nonexchange funds to be turned over to the Treasury.

Which of the following is not required in a federal agency's financial report?

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

The accounting systems of federal agencies must serve both the external financial reporting needs mandated by the Chief Financial Officers' Act and the necessity of having internal budgetary controls over the spending of public resources. This is accomplished through the maintenance of two self-balancing sets of accounts, termed budgetary and control accounts.

The account Obligations - Undelivered Orders is credited when goods and services are received.

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

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 responsible for auditing the federal government' consolidated financial statements?

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

The purpose of the FASAB is to develop and issue federal accounting standards. Which of the following is not accurate?