Question 1

Federal agencies must include a Managements' Discussion and Analysis in their financial report.

Accepted Answer

A) True 
 B)False

Question 2

The account,Fund Balance with Treasury is classified as an asset on a federal agency's balance sheet.

Accepted Answer

A) True 
 B)False

Question 3

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

Question 4

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

Accepted Answer

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

Question 5

The account Obligations - Undelivered Orders is debited as goods and services are received.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A)  It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services. 
B)  Costs are measured using the budgetary basis of accounting. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

Question 7

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

The answer of Identify the primary functions of the following...

Question 8

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

Question 9

Which organization promulgates Statements of Federal Financial Accounting Standards?

Accepted Answer

A)  The American Institute of Certified Public Accountants 
B)  The U.S. Office of Management and Budget 
C)  The U.S. Government Accountability Office 
D)  The Federal Accounting Standards Advisory Board

Question 10

Identify (in order of occurrence)the steps in the federal budgetary authority process.

Accepted Answer

The answer of Identify (in order of occurrence)the steps in...

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Question 13

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 Obligations - Undelivered Orders 
B)  a debit to the account Operating (program) Expense 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Question 14

Which of the following steps in the budgetary authority process occurs when a federal agency issues a purchase order?

Accepted Answer

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

Question 15

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)  Citizen's Guide to the Financial Report 
D)  Required Supplemental Information

Question 16

Which of the following is not one of the principal organizations that formed the Federal Accounting Standards Advisory Board?
A. Congressional Budget Office
B. Department of Treasury
C. Office of Management and Budget
D. Government Accountability Office

Accepted Answer

The answer of Which of the following is not one...

Question 17

The Statement of Net Cost of a federal agency is prepared on the accrual basis of accounting.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following events will result in a journal entry being recorded in both the budgetary and proprietary accounts of a federal agency?

Accepted Answer

A)  OMB establishes the amount of the total appropriation that the agency may expend in the first quarter. 
B)  The agency places orders for goods or services. 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Question 19

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

Accepted Answer

A)  Congressional Budget Office 
B)  Department of Treasury 
C)  Office of Management and Budget 
D)  Government Accountability Office

Question 20

Which of the following events will result in a journal entry being recorded in both the budgetary and proprietary accounts of a federal agency?

Accepted Answer

A)  Treasury notifies the agency that Congress passed legislation (signed by the President) granting budgetary authority to fund its activities. 
B)  Goods or services are received and approved for payment. 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Exam 14: Financial Reporting by the Federal Government

Federal agencies must include a Managements' Discussion and Analysis in their financial report.

The account,Fund Balance with Treasury is classified as an asset on a federal agency's balance sheet.

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:

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

The account Obligations - Undelivered Orders is debited as goods and services are received.

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

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 is (are) true regarding the Chief Financial Officers Act?

Which organization promulgates Statements of Federal Financial Accounting Standards?

Identify (in order of occurrence)the steps in the federal budgetary authority process.

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

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:

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 steps in the budgetary authority process occurs when a federal agency issues a purchase order?

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

Which of the following is not one of the principal organizations that formed the Federal Accounting Standards Advisory Board? A. Congressional Budget Office B. Department of Treasury C. Office of Management and Budget D. Government Accountability Office

The Statement of Net Cost of a federal agency is prepared on the accrual basis of accounting.

Which of the following events will result in a journal entry being recorded in both the budgetary and proprietary accounts of a federal agency?

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

Which of the following events will result in a journal entry being recorded in both the budgetary and proprietary accounts of a federal agency?