Question 1

The GASB "Budgeting Principle" states that an annual budget should be adopted by (for)every

Accepted Answer

A)  Governmental fund type. 
B)  Fund of a government. 
C)  Government. 
D)  Governmental fund type except capital projects funds. 
A)  Governmental fund type. 
B)  Fund of a government. 
C)  Government. 
D)  Governmental fund type except capital projects funds.

Question 2

Which of the following statements is not true?

Accepted Answer

A)  A balanced scorecard is an integrated set of performance targets,both financial and nonfinancial,that are derived from an organization's strategies about how to achieve its goals. 
B)  Total quality management (TQM)seeks to continuously improve the government's ability to meet or exceed demands from customers who might be external,such as taxpayers and service recipients,or internal,such as the customers of an internal service fund. 
C)  Service efforts and accomplishments (SE
A) reporting links customer (taxpayer and other resource provider)satisfaction to improvements in the operating systems and processes used to provide goods and services. 
D)  Customer relationship management (CRM)systems create an integrated view of a customer to coordinate services from all channels of the organization with the intent to improve the long-term relationship the organization has with its customer. 
A)  A balanced scorecard is an integrated set of performance targets,both financial and nonfinancial,that are derived from an organization's strategies about how to achieve its goals. 
B)  Total quality management (TQM)seeks to continuously improve the government's ability to meet or exceed demands from customers who might be external,such as taxpayers and service recipients,or internal,such as the customers of an internal service fund. 
C)  Service efforts and accomplishments (SE
A) reporting links customer (taxpayer and other resource provider)satisfaction to improvements in the operating systems and processes used to provide goods and services. 
D)  Customer relationship management (CRM)systems create an integrated view of a customer to coordinate services from all channels of the organization with the intent to improve the long-term relationship the organization has with its customer.

Question 3

Cash disbursements budgets

Accepted Answer

A)  Need to be prepared because GASB standards specify the use of the accrual basis of accounting for governments. 
B)  Should usually be prepared for each month of the year,or for shorter intervals,in order to facilitate planning short-term borrowings and investments. 
C)  Should be prepared only for funds not required to operate under legal appropriation budgets. 
D)  Should be prepared only for each fiscal year because disbursements for each month are approximately equal. 
A)  Need to be prepared because GASB standards specify the use of the accrual basis of accounting for governments. 
B)  Should usually be prepared for each month of the year,or for shorter intervals,in order to facilitate planning short-term borrowings and investments. 
C)  Should be prepared only for funds not required to operate under legal appropriation budgets. 
D)  Should be prepared only for each fiscal year because disbursements for each month are approximately equal.

Question 4

The type of budgeting that relates input of resources to output of services is zero-based budgeting.

Accepted Answer

A) True 
 B)False

Question 5

The sole purpose of preparing a governmental budget is to show compliance with laws and regulations.

Accepted Answer

A) True 
 B)False

Question 6

Identify and discuss the three broad categories of service efforts and accomplishments (SEA)measures.

Accepted Answer

The three broad categories of Service Ef

Question 7

The GASB identifies which of the following three broad categories of service efforts and accomplishments (SEA)measures:

Accepted Answer

A)  Measures of service efforts,measures of service accomplishments,and measures of efficiency. 
B)  Measures of service efforts and accomplishments,measures of service efficiency,and measures of service effectiveness. 
C)  Measures of service efforts,measures of service accomplishments,and measures of the costs of service efforts and accomplishments. 
D)  Measures of service efforts,measures of service accomplishments,and measures that relate efforts to accomplishments. 
A)  Measures of service efforts,measures of service accomplishments,and measures of efficiency. 
B)  Measures of service efforts and accomplishments,measures of service efficiency,and measures of service effectiveness. 
C)  Measures of service efforts,measures of service accomplishments,and measures of the costs of service efforts and accomplishments. 
D)  Measures of service efforts,measures of service accomplishments,and measures that relate efforts to accomplishments.

Question 8

Total quality management (TQM)seeks to continuously improve an organization's ability to meet or exceed customers' demands,and,as such,is useful in a government setting as well as a business setting.

Accepted Answer

A) True 
 B)False

Question 9

Cash receipts and cash disbursement budgets for a government

Accepted Answer

A)  Should be prepared for all funds for the entire fiscal year. 
B)  Should be prepared as needed to enhance cash management,investment management,and short-term debt management. 
C)  Should be prepared for only those funds for which appropriations budgets are required by law to be prepared on the accrual basis or the modified accrual basis. 
D)  Should be prepared for only those funds for which appropriations budgets are not required by law. 
A)  Should be prepared for all funds for the entire fiscal year. 
B)  Should be prepared as needed to enhance cash management,investment management,and short-term debt management. 
C)  Should be prepared for only those funds for which appropriations budgets are required by law to be prepared on the accrual basis or the modified accrual basis. 
D)  Should be prepared for only those funds for which appropriations budgets are not required by law.

Question 10

Accounting for federal and nonfederal grants and contracts requires an accounting system that can associate line-item expenses with functional programs with funding sources.

Accepted Answer

A) True 
 B)False

Question 11

Service efforts and accomplishments measures suffer from the same problem as line-item or object-of-expenditures budgeting; that is,focusing only on resource inputs while ignoring outputs and outcomes of governmental activities.

Accepted Answer

A) True 
 B)False

Question 12

Efficiency measures,as the term is used in the service efforts and accomplishments (SEA)literature,can be described as:

Accepted Answer

A)  Measures that relate the quantity or cost of resources used to units of output. 
B)  Measures that relate to the amount of financial and nonfinancial resources used in a program or process. 
C)  Measures that relate costs to outcomes. 
D)  Measures that reflect either the quantity or quality of a service provided. 
A)  Measures that relate the quantity or cost of resources used to units of output. 
B)  Measures that relate to the amount of financial and nonfinancial resources used in a program or process. 
C)  Measures that relate costs to outcomes. 
D)  Measures that reflect either the quantity or quality of a service provided.

Question 13

Cash planning and budgeting are important in government because the timing of cash inflows often do not coincide with the timing of cash outflows.

Accepted Answer

A) True 
 B)False

Question 14

In governments,the budget has always played a role in external financial reports through the required budget-to-actual comparison schedules or statements for those funds that have a legally approved budget.

Accepted Answer

A) True 
 B)False

Question 15

How can service efforts and accomplishments (SEA)indicators be useful in improving budgeting?

Accepted Answer

One of the major hurdles typically faced

Question 16

Budget appropriations for governmental funds ordinarily cover only one year,however; there is also a need to develop multi-year capital budgets.

Accepted Answer

A) True 
 B)False

Question 17

To determine which costs are unallowable for charging to a federal assistance program,one should refer to the appropriate cost circular published by the Government Accountability Office (GAO).

Accepted Answer

A) True 
 B)False

Question 18

Despite its initial popularity,service efforts and accomplishments reporting has lost favor in recent years.

Accepted Answer

A) True 
 B)False

Question 19

Service efforts and accomplishments (SEA)information

Accepted Answer

A)  Includes indicators of a government's actual performance in providing services to its citizens. 
B)  Aids users in assessing the economy,efficiency,and effectiveness of government. 
C)  Is required for all governments that issue a CAFR. 
D)  Both A and B are true. 
A)  Includes indicators of a government's actual performance in providing services to its citizens. 
B)  Aids users in assessing the economy,efficiency,and effectiveness of government. 
C)  Is required for all governments that issue a CAFR. 
D)  Both A and B are true.

Question 20

The schedule of legally required events in the budgeting process is generally referred to as the

Accepted Answer

A)  Budget docket. 
B)  Legal timetable. 
C)  Hearing schedule. 
D)  Budget calendar. 
A)  Budget docket. 
B)  Legal timetable. 
C)  Hearing schedule. 
D)  Budget calendar.

The GASB "Budgeting Principle" states that an annual budget should be adopted by (for)every

Which of the following statements is not true?

Cash disbursements budgets

The type of budgeting that relates input of resources to output of services is zero-based budgeting.

The sole purpose of preparing a governmental budget is to show compliance with laws and regulations.

Identify and discuss the three broad categories of service efforts and accomplishments (SEA)measures.

The GASB identifies which of the following three broad categories of service efforts and accomplishments (SEA)measures:

Total quality management (TQM)seeks to continuously improve an organization's ability to meet or exceed customers' demands,and,as such,is useful in a government setting as well as a business setting.

Cash receipts and cash disbursement budgets for a government

Accounting for federal and nonfederal grants and contracts requires an accounting system that can associate line-item expenses with functional programs with funding sources.

Service efforts and accomplishments measures suffer from the same problem as line-item or object-of-expenditures budgeting; that is,focusing only on resource inputs while ignoring outputs and outcomes of governmental activities.

Efficiency measures,as the term is used in the service efforts and accomplishments (SEA)literature,can be described as:

Cash planning and budgeting are important in government because the timing of cash inflows often do not coincide with the timing of cash outflows.

In governments,the budget has always played a role in external financial reports through the required budget-to-actual comparison schedules or statements for those funds that have a legally approved budget.

How can service efforts and accomplishments (SEA)indicators be useful in improving budgeting?

Budget appropriations for governmental funds ordinarily cover only one year,however; there is also a need to develop multi-year capital budgets.

To determine which costs are unallowable for charging to a federal assistance program,one should refer to the appropriate cost circular published by the Government Accountability Office (GAO).

Despite its initial popularity,service efforts and accomplishments reporting has lost favor in recent years.

Service efforts and accomplishments (SEA)information

The schedule of legally required events in the budgeting process is generally referred to as the

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities-Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities-Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations-Regulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters

Exam 12: Budgeting and Performance Measurement

The GASB "Budgeting Principle" states that an annual budget should be adopted by (for)every

Which of the following statements is not true?

Cash disbursements budgets

The type of budgeting that relates input of resources to output of services is zero-based budgeting.

The sole purpose of preparing a governmental budget is to show compliance with laws and regulations.

Identify and discuss the three broad categories of service efforts and accomplishments (SEA)measures.

The GASB identifies which of the following three broad categories of service efforts and accomplishments (SEA)measures:

Total quality management (TQM)seeks to continuously improve an organization's ability to meet or exceed customers' demands,and,as such,is useful in a government setting as well as a business setting.

Cash receipts and cash disbursement budgets for a government

Accounting for federal and nonfederal grants and contracts requires an accounting system that can associate line-item expenses with functional programs with funding sources.

Service efforts and accomplishments measures suffer from the same problem as line-item or object-of-expenditures budgeting; that is,focusing only on resource inputs while ignoring outputs and outcomes of governmental activities.

Efficiency measures,as the term is used in the service efforts and accomplishments (SEA)literature,can be described as:

Cash planning and budgeting are important in government because the timing of cash inflows often do not coincide with the timing of cash outflows.

In governments,the budget has always played a role in external financial reports through the required budget-to-actual comparison schedules or statements for those funds that have a legally approved budget.

How can service efforts and accomplishments (SEA)indicators be useful in improving budgeting?

Budget appropriations for governmental funds ordinarily cover only one year,however; there is also a need to develop multi-year capital budgets.

To determine which costs are unallowable for charging to a federal assistance program,one should refer to the appropriate cost circular published by the Government Accountability Office (GAO).

Despite its initial popularity,service efforts and accomplishments reporting has lost favor in recent years.

Service efforts and accomplishments (SEA)information

The schedule of legally required events in the budgeting process is generally referred to as the

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities-Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities-Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations-Regulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters