Question 1

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

Accepted Answer

A)  The costs of government activities are presented by the reporting agency's strategic goals. 
B)  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. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
A)  The costs of government activities are presented by the reporting agency's strategic goals. 
B)  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. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above A

Question 2

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

Accepted Answer

A) True 
 B)False  True

Question 3

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) C

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

1.Appropriations
2.A

Question 6

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 7

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 8

Which of the following steps in the budgetary authority process occurs when Congress passes a spending bill which is signed by the President?

Accepted Answer

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

Question 9

Which of the following is required in a federal agency's financial report?

Accepted Answer

A)  Statement of Revenues, Expenditures and Changes in Fund Balance 
B)  Statement of Changes in Net Position 
C)  Statement of Cash Flows 
D)  Statement of Activity 
A)  Statement of Revenues, Expenditures and Changes in Fund Balance 
B)  Statement of Changes in Net Position 
C)  Statement of Cash Flows 
D)  Statement of Activity

Question 10

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)  Goods or services are received and approved for payment. 
C)  Both (a) and (b) 
D)  Neither (a) nor (b) 
A)  OMB establishes the amount of the total appropriation that the agency may expend in the first quarter. 
B)  Goods or services are received and approved for payment. 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Question 11

Federal agencies that are required to report a Statement of Custodial Activity have transactions that are similar to which fund type of a state or local government?

Accepted Answer

A)  Internal service funds 
B)  Capital projects funds 
C)  Permanent funds 
D)  Agency funds 
A)  Internal service funds 
B)  Capital projects funds 
C)  Permanent funds 
D)  Agency funds

Question 12

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

Question 13

Which of the following is not required in the federal government's consolidated financial report?

Accepted Answer

A)  Management's Discussion and Analysis 
B)  Notes to the Financial Statements 
C)  Statement of Social Insurance 
D)  Statement of Cash Flows 
A)  Management's Discussion and Analysis 
B)  Notes to the Financial Statements 
C)  Statement of Social Insurance 
D)  Statement of Cash Flows

Question 14

The difference between assets and liabilities of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

Accepted Answer

A) True 
 B)False

Question 15

Which organization promulgates Statements of Federal Financial Accounting Standards?

Accepted Answer

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

Question 16

Allotments 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 17

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 
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 18

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 accrual basis of accounting. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above 
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 accrual basis of accounting. 
C)  Both (a) and (b) above 
D)  Neither (a) nor (b) above

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

Question 20

The Statement of Custodial Activity is not required of every federal agency but is prepared by the SEC,IRS and Customs.

Accepted Answer

A) True 
 B)False

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

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

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:

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

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

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?

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

Which of the following steps in the budgetary authority process occurs when Congress passes a spending bill which is signed by the President?

Which of the following is required in a federal agency's financial report?

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

Federal agencies that are required to report a Statement of Custodial Activity have transactions that are similar to which fund type of a state or local government?

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 is not required in the federal government's consolidated financial report?

The difference between assets and liabilities of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

Which organization promulgates Statements of Federal Financial Accounting Standards?

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

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

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

The Statement of Custodial Activity is not required of every federal agency but is prepared by the SEC,IRS and Customs.

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 Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

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?

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

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:

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

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

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?

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

Which of the following steps in the budgetary authority process occurs when Congress passes a spending bill which is signed by the President?

Which of the following is required in a federal agency's financial report?

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

Federal agencies that are required to report a Statement of Custodial Activity have transactions that are similar to which fund type of a state or local government?

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 is not required in the federal government's consolidated financial report?

The difference between assets and liabilities of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

Which organization promulgates Statements of Federal Financial Accounting Standards?

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

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

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

The Statement of Custodial Activity is not required of every federal agency but is prepared by the SEC,IRS and Customs.

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 Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

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: