Governmental Accounting

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16. Which of the following federal officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board? 

A. Chair of the Federal Accounting Standards Advisory Board. B. Secretary of the Interior.
C. Comptroller General.
D. All of the above.
 

Content: Concept
Level: Easy
Wilson - Chapter 12 #16
 

17. FASAB has identified four major user groups of federal financial reports, they are 

A. Congress, executives, program managers, and citizens.
B. Congress, executives, citizens, and bond rating agencies. C. Congress, program managers, foreign governments, and citizens. D. Congress, program managers, bond rating agencies, and political parties.  

Content: Concept
Level: Medium
Wilson - Chapter 12 #17
 

18. The "net position" of a federal agency may include which of the following components? 

A. Unexpended Appropriations.
B. Cumulative Results of Operations.
C. Appropriations represented by undelivered orders and unobligated balances. D. All of the above.
 

Content: Concept
Level: Easy
Wilson - Chapter 12 #18
 

19. Which of the following is not an objective identified in FASAB Statement of Accounting and Reporting Concepts No. 1? 

A. To assist report users in evaluating budgetary integrity. B. To assist report users in evaluating the extent to which tax burdens have changed. C. To assist report users in evaluating stewardship.

D. To assist report users in evaluating operating performance.  

Content: Concept
Level: Medium
Wilson - Chapter 12 #19
 

20. Which of the following statements most accurately describes the dual-track accounting system used in federal agency accounting? 

A. Recording internal budgetary transactions along with financial transactions with external parties. B. Use of double-entry accounting.
C. Maintaining self-balancing sets of proprietary and budgetary accounts and recording the effects of transactions on both available budgetary resources and proprietary accounts, the latter measured on the accrual basis to better promote agency management. D. Keeping separate books, one on a tax basis and the other on a GAAP basis.  

Content: Concept
Level: Medium
Wilson - Chapter 12 #20
 

21. In federal government accounting, recording the estimated amount of equipment prior to actually placing an order or entering into a contract is called a (an) 

A. Obligation.
B. Apportionment.
C. Allotment.
D. Commitment
 

Content: Concept
Level: Medium
Wilson - Chapter 12 #21
 

 A certain federal agency placed an order for office supplies at an estimated cost of $14,400. Later in the same fiscal year these supplies were received at an actual cost of $14,800. Assume commitment accounting is not used by this agency.

 

Wilson - Chapter 12
 

22. When the order is placed the required journal entry (or entries) will affect the accounts shown in what net amounts: 

A. Budgetary accounts: $14,400; Proprietary accounts: $14,400 B. Budgetary accounts: $14,400; Proprietary accounts: $14,800 C. Budgetary accounts: $14,400; Proprietary accounts: $0
D. Budgetary accounts: $0; Proprietary accounts: $0
 

Content: Compute
Level: Medium
Wilson - Chapter 12 #22
 

23. When the order is received the required journal entry (or entries) will affect the accounts shown in what net amounts: 

A. Budgetary Accounts: $14,400; Proprietary Accounts: $14,400 B. Budgetary Accounts: $14,400; Proprietary Accounts: $14,800 C. Budgetary Accounts: $400; Proprietary Accounts: $14,800
D. Budgetary Accounts: $0; Proprietary Accounts: $14,800
 

Content: Journal Entry
Level: Medium
Wilson - Chapter 12 #23
 

24. Which of the following accounts used in state and local government accounting is most like the federal budgetary account "Undelivered Orders"? 

A. Encumbrance.
B. Expenditure.
C. Appropriation....
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