Question 1

Accounting standards for the federal government and its agencies are established by the Federal Accounting Standards Advisory Board FASB.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A)  Management's Discussion and Analysis 
B)  Notes to the Financial Statements 
C)  Required Supplemental Information 
D)  Budgetary Comparison Schedule 
A)  Management's Discussion and Analysis 
B)  Notes to the Financial Statements 
C)  Required Supplemental Information 
D)  Budgetary Comparison Schedule

Question 3

A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter:
$\begin{array}{ll}\text { Amount }&\text { Status }\\hline
\$ 700,000 & \text { - Unapportioned authority } \
40,000 & \text { - Apportionments. } \
65,000 & \text { - Allotments. } \
15,000 & \text { - Obligations for undelivered orders. } \
120,000 & \text { - Expended appropriations }\\$940,000&\text { Total appropriations }
\end{array}$
What is the total amount of purchase orders placed in the first quarter of the year?

Accepted Answer

A)  65,000 
B)  80,000 
C)  120,000 
D)  135,000 
A)  65,000 
B)  80,000 
C)  120,000 
D)  135,000

Question 4

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:

Accepted Answer

A)  a debit to the account Allotments 
B)  a credit to the account Obligations - Undelivered Orders 
C)  Both a and b 
D)  Neither a nor b 
A)  a debit to the account Allotments 
B)  a credit to the account Obligations - Undelivered Orders 
C)  Both a and b 
D)  Neither a nor b

Question 5

The net position of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

Accepted Answer

A) True 
 B)False

Question 6

Assume the OMB apportions 1/4th of an appropriation to a federal agency for the first quarter of the fiscal year. The journal entries at the agency level to record this event will include:

Accepted Answer

A)  a debit to the account Unapportioned Authority 
B)  a debit to the account Unexpended Appropriations 
C)  a credit to the account Fund Balance with Treasury 
D)  None of the above 
A)  a debit to the account Unapportioned Authority 
B)  a debit to the account Unexpended Appropriations 
C)  a credit to the account Fund Balance with Treasury 
D)  None of the above

Question 7

A federal agency prepared the following schedule showing the status of federal appropriations at the end of the first quarter assume all spending by the agency is done through purchase order):
$\begin{array}{ll}\text { Amount }&\text { Status }\\hline
\$ 600,000 & \text { - Unapportioned authority } \
10,000 & \text { - Apportionments. } \
35,000 & \text { - Allotments. } \
25,000 & \text { - Obligations for undelivered orders. } \
160,000 & \text { - Expended appropriations }\\$830,000&\text { Total appropriations }
\end{array}$
What is the total amount allotted to subunits or programs within the agency during the first quarter of the year?

Accepted Answer

A)  230,000 
B)  220,000 
C)  185,000 
D)  160,000 
A)  230,000 
B)  220,000 
C)  185,000 
D)  160,000

Question 8

Which of the following steps in the budgetary authority process occurs when the Office of Management and Budget establishes the quarterly amount available to a federal agency for spending?

Accepted Answer

A)  Apportionment 
B)  Appropriation 
C)  Allotment 
D)  Obligation 
A)  Apportionment 
B)  Appropriation 
C)  Allotment 
D)  Obligation

Question 9

Assume the director of a federal agency allots a portion of the agency's apportionment to subunits within the agency. The journal entries at the agency level to record this event will include:

Accepted Answer

A)  a debit to the account Allotments 
B)  a debit to the account Apportionments 
C)  a credit to the account Obligations - Undelivered Orders 
D)  None of the above 
A)  a debit to the account Allotments 
B)  a debit to the account Apportionments 
C)  a credit to the account Obligations - Undelivered Orders 
D)  None of the above

Question 10

Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?

Accepted Answer

A)  Department of Treasury 
B)  Congressional Budget Office 
C)  American Institute of CPAs 
D)  All of the above 
A)  Department of Treasury 
B)  Congressional Budget Office 
C)  American Institute of CPAs 
D)  All of the above

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

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

Question 13

The purpose of the FASAB is to develop and issue federal accounting standards. The Board comprises ten members. What is the makeup of the board?

Accepted Answer

A)  Two from the executive branch, two from the legislative branch, two who are appointed by the AICPA and five who are not employees of the federal government. 
B)  Three from the executive branch, three from the legislative branch, and four who are not employees of the federal government. 
C)  One from the executive branch, one from the legislative branch, two who are appointed by the AICPA and six who are not employees of the federal government. 
D)  Two from the executive branch, two from the legislative branch, and six who are not employees of the federal government. 
A)  Two from the executive branch, two from the legislative branch, two who are appointed by the AICPA and five who are not employees of the federal government. 
B)  Three from the executive branch, three from the legislative branch, and four who are not employees of the federal government. 
C)  One from the executive branch, one from the legislative branch, two who are appointed by the AICPA and six who are not employees of the federal government. 
D)  Two from the executive branch, two from the legislative branch, and six who are not employees of the federal government.

Question 14

Fund Balance with Treasury is an example of which type of federal government account?
$\begin{array}{cc}
\text { Budgetary } & \text { Proprietary } \
\text { Account } & \text { Account }
\end{array}$
A)$\text { Yes\quad\quad\quad\quad\quad\quad Yes }$
B)$\text { No } \quad\quad\quad\quad\quad\quad \text { Yes }$
C)$\text { Yes, } \quad\quad\quad\quad\quad\quad \text { No }$
D)$\text { No } \quad\quad\quad\quad\quad\quad\quad \text { No }$

Accepted Answer

The answer of Fund Balance with Treasury is an example...

Question 15

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 16

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

Accepted Answer

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

Question 17

Which of the following statements is correct with respect to The Statement of Custodial Activity?

Accepted Answer

A)  The statement is required only if the government agency collects nonexchange funds to be turned over to the Treasury. 
B)  Because the collecting entity cannot use the funds for its own activities, the activities are analogous to an agency fund of a state or local government. 
C)  Both a and b 
D)  Neither a nor b 
A)  The statement is required only if the government agency collects nonexchange funds to be turned over to the Treasury. 
B)  Because the collecting entity cannot use the funds for its own activities, the activities are analogous to an agency fund of a state or local government. 
C)  Both a and b 
D)  Neither a nor b

Question 18

Which of the following is are accurate regarding a federal agency's Statement of Budgetary Resources?

Accepted Answer

A)  Outlays are measured using the budgetary basis of accounting. 
B)  The statement reports the status of budgetary resources at year end. 
C)  Neither a nor b 
D)  Both a and b 
A)  Outlays are measured using the budgetary basis of accounting. 
B)  The statement reports the status of budgetary resources at year end. 
C)  Neither a nor b 
D)  Both a and b

Question 19

The difference between assets and liabilities of a federal agency is comprised of Fund Balance and may be classified as Nonspendable, Committed, Restricted, Assigned and Unassigned.

Accepted Answer

A) True 
 B)False

Question 20

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:

Accepted Answer

A)  a credit to a liability account such as Accounts Payable 
B)  a debit to the account Unexpended Appropriations 
C)  Both a and b 
D)  Neither a nor b 
A)  a credit to a liability account such as Accounts Payable 
B)  a debit to the account Unexpended Appropriations 
C)  Both a and b 
D)  Neither a nor b

Accounting standards for the federal government and its agencies are established by the Federal Accounting Standards Advisory Board FASB.

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

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:

The net position of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

Assume the OMB apportions 1/4^th of an appropriation to a federal agency for the first quarter of the fiscal year. The journal entries at the agency level to record this event will include:

Which of the following steps in the budgetary authority process occurs when the Office of Management and Budget establishes the quarterly amount available to a federal agency for spending?

Assume the director of a federal agency allots a portion of the agency's apportionment to subunits within the agency. The journal entries at the agency level to record this event will include:

Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?

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

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

The purpose of the FASAB is to develop and issue federal accounting standards. The Board comprises ten members. What is the makeup of the board?

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

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

Which of the following statements is correct with respect to The Statement of Custodial Activity?

Which of the following is are accurate regarding a federal agency's Statement of Budgetary Resources?

The difference between assets and liabilities of a federal agency is comprised of Fund Balance and may be classified as Nonspendable, Committed, Restricted, Assigned and Unassigned.

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:

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 Funds, Interfund Transactions

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

Accounting standards for the federal government and its agencies are established by the Federal Accounting Standards Advisory Board FASB.

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

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:

The net position of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

Assume the OMB apportions 1/4th of an appropriation to a federal agency for the first quarter of the fiscal year. The journal entries at the agency level to record this event will include:

Which of the following steps in the budgetary authority process occurs when the Office of Management and Budget establishes the quarterly amount available to a federal agency for spending?

Assume the director of a federal agency allots a portion of the agency's apportionment to subunits within the agency. The journal entries at the agency level to record this event will include:

Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?

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

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

The purpose of the FASAB is to develop and issue federal accounting standards. The Board comprises ten members. What is the makeup of the board?

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

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

Which of the following statements is correct with respect to The Statement of Custodial Activity?

Which of the following is are accurate regarding a federal agency's Statement of Budgetary Resources?

The difference between assets and liabilities of a federal agency is comprised of Fund Balance and may be classified as Nonspendable, Committed, Restricted, Assigned and Unassigned.

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:

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 Funds, Interfund Transactions

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

Assume the OMB apportions 1/4^th of an appropriation to a federal agency for the first quarter of the fiscal year. The journal entries at the agency level to record this event will include: