Governmental Accounting

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