Question 1

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

Accepted Answer

A)  Net costs reported on the Statement of Net Costs may differ from those appearing in the Statement of Changes in Net Position, since the latter are measured on the budgetary basis. 
B)  The Statement of Net Costs provides greater detail about the cost of the Agency's programs, but agrees in total net cost reported on the Statement of Changes in Net Position 
C)  Both a and b above 
D)  Neither a nor b above 
A)  Net costs reported on the Statement of Net Costs may differ from those appearing in the Statement of Changes in Net Position, since the latter are measured on the budgetary basis. 
B)  The Statement of Net Costs provides greater detail about the cost of the Agency's programs, but agrees in total net cost reported on the Statement of Changes in Net Position 
C)  Both a and b above 
D)  Neither a nor b above

Question 2

List the financial statements required of every federal government agency and indicate whether the statement is prepared using the accrual or budgetary basis of accounting.

Accepted Answer

1. Balance Sheet - accrual bas

Question 3

Assume a spending bill has been passed by Congress and signed by the President. The journal entries at the agency level to record this event will include:

Accepted Answer

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

Question 4

The federal government is not required to include MD&A in its financial statements. It is strongly encouraged, however.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is are accurate regarding a federal agency's Statement of Changes in Net Position?

Accepted Answer

A)  The statement starts with the beginning of year balances in the net position accounts and reconciles these to the ending balances appearing on the agency's Balance Sheet. 
B)  The statement does not report Appropriations Received since this is a budgetary account and does not affect net position. 
C)  Both a and b above 
D)  Neither a nor b above 
A)  The statement starts with the beginning of year balances in the net position accounts and reconciles these to the ending balances appearing on the agency's Balance Sheet. 
B)  The statement does not report Appropriations Received since this is a budgetary account and does not affect net position. 
C)  Both a and b above 
D)  Neither a nor b above

Question 6

Which of the following is are) true regarding the Chief Financial Officers Act?

Accepted Answer

A)  The Act created the position of chief financial officer within federal agencies 
B)  The Act called for audits of the financial statements of federal agencies 
C)  Both a and b above 
D)  Neither a nor b above 
A)  The Act created the position of chief financial officer within federal agencies 
B)  The Act called for audits of the financial statements of federal agencies 
C)  Both a and b above 
D)  Neither a nor b above

Question 7

Which of the following does not appear in the federal government's consolidated financial report?

Accepted Answer

A)  Management's Discussion and Analysis 
B)  Statement of Social Insurance 
C)  Statement of Cash Flows 
D)  Auditors Report 
A)  Management's Discussion and Analysis 
B)  Statement of Social Insurance 
C)  Statement of Cash Flows 
D)  Auditors Report

Question 8

Apportionments are issued by the OMB and establish the amount of an kl that will be available each quarter.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is correct with respect to The Statement of Budgetary Resources?

Accepted Answer

A)  The Statement of Budgetary Resources follows the budgetary not accrual) basis of accounting. 
B)  The statement provides information on how budgetary resources were obtained and the status of those resources at year-end. 
C)  The budgetary basis of accounting is prescribed by OMB, not FASAB. 
D)  All of the above statements are correct. 
A)  The Statement of Budgetary Resources follows the budgetary not accrual) basis of accounting. 
B)  The statement provides information on how budgetary resources were obtained and the status of those resources at year-end. 
C)  The budgetary basis of accounting is prescribed by OMB, not FASAB. 
D)  All of the above statements are correct.

Question 10

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.

Accepted Answer

None

Question 11

Identify the primary functions of the following entities as they relate to financial reporting by the federal government:
a) Office of Management and Budget
b) Department of Treasury
c) Government Accountability Office

Accepted Answer

a) Office of Management and Budget - OMB

Question 12

Which of the following federal agencies are required to report a Statement of Custodial Activity?

Accepted Answer

A)  Customs and border protection 
B)  Department of Interior 
C)  Department of Defense 
D)  All of the above 
A)  Customs and border protection 
B)  Department of Interior 
C)  Department of Defense 
D)  All of the above

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

List the financial statements required of every federal government agency and indicate whether the statement is prepared using the accrual or budgetary basis of accounting.

Assume a spending bill has been passed by Congress and signed by the President. The journal entries at the agency level to record this event will include:

The federal government is not required to include MD&A in its financial statements. It is strongly encouraged, however.

Which of the following is are accurate regarding a federal agency's Statement of Changes in Net Position?

Which of the following is are) true regarding the Chief Financial Officers Act?

Which of the following does not appear in the federal government's consolidated financial report?

Apportionments are issued by the OMB and establish the amount of an kl that will be available each quarter.

Which of the following is correct with respect to The Statement of Budgetary Resources?

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.

Identify the primary functions of the following entities as they relate to financial reporting by the federal government: a) Office of Management and Budget b) Department of Treasury c) Government Accountability Office

Which of the following federal agencies are required to report a Statement of Custodial Activity?

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

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

List the financial statements required of every federal government agency and indicate whether the statement is prepared using the accrual or budgetary basis of accounting.

Assume a spending bill has been passed by Congress and signed by the President. The journal entries at the agency level to record this event will include:

The federal government is not required to include MD&A in its financial statements. It is strongly encouraged, however.

Which of the following is are accurate regarding a federal agency's Statement of Changes in Net Position?

Which of the following is are) true regarding the Chief Financial Officers Act?

Which of the following does not appear in the federal government's consolidated financial report?

Apportionments are issued by the OMB and establish the amount of an kl that will be available each quarter.

Which of the following is correct with respect to The Statement of Budgetary Resources?

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.

Identify the primary functions of the following entities as they relate to financial reporting by the federal government: a) Office of Management and Budget b) Department of Treasury c) Government Accountability Office

Which of the following federal agencies are required to report a Statement of Custodial Activity?

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