The federal governmentâs annualfinancial statements are issued by
a.The Department of the Treasury
b.The Office of Management and Budget
c.The Department of Commerce
d.The Government Accountability Office
2.
The Government Accountability Officeis part of which of the following branches of government?
a.The executive branch
b.The legislative branch
c.The judicial branch
d.None of the above; it is an independentagency
3.
The Chief Financial Officer of theUnited States reports directly to
a.The Comptroller General
b.The President
c.The Majority Leader
d.The head of the OMB
4.
The unified budget includes
a.Both Social Security and U.S. Postal Serviceaccounts
b.Social Security accounts but not U.S. PostalService accounts
c.U.S. Postal Service accounts but not SocialSecurity accounts
d.Neither Social Security nor U.S. PostalService accounts
5.
Which of the following is nota required element of federal government-wide statements?
a.Managementâs discussion and analysis
b.Descriptions of stewardship assets
c.A schedule comparing actual to anticipatednon-monetary performance measures
d.A statement that shows, by major departmentor agency, the net cost of operations
6.
Per the FASAB a federal entity shouldbe considered a reporting entity and thereby must issue annualreports if it
a.Is listed in the OMBâs Catalog of FederalAgencies
b.Has been designated as a reporting entity byCongress
c.Satisfies the criteria established by theFASAB
d.Meets OMB minimum revenue requirements
7.
In the federal government,âproprietary accountsâ are those that
a.Provide the data required to prepareaccrual-basis financial statements
b.Provide the data required to preparebudget-basis financial statements
c.Are used to account for business-typeactivities
d.Are used to account for classifiedinformation that cannot be made public for security reasons
8.
Which of the following statementsreconciles an agencyâs obligations incurred on a budgetary basiswith the net cost of operations on a full accrual basis?
a.Statement of net cost
b.Statement of financing
c.Statement of changes in financialposition
d.Statement of budgetary resources
9.
Which of the following is an exampleof an âexchangeâ revenue?
a.Proceeds from the sale of goods orservices
b.Transfers from another agency
c.An increase in an OMB allotment
d.Collections of taxes on liquor sales
10.
The federal government shouldrecognize revenue from income taxes
a.As taxpayers earn their income
b.As taxpayers report on their tax returns theamount of their tax or make periodic cash payments
c.As soon as it is able to make a reasonableestimate of the amount that it will collect
d.On the date the taxes are due