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18 Aug 2018

Describe the make-up and selection process of the Board thatdisseminates federal accounting standards. Separate accountingstandards exist for the U.S. Federal Government in contrast tostate and local governments; discuss why this is necessary.Identify the government agency responsible for compiling the U.S.Federal Government financial reports and the agency responsible forauditing the reports.

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Patrina SchowalterLv2

19 Aug 2018

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Related questions

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

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

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

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

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

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

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

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

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

1. Which standard issued by the Governmental AccountingStandards Board in 1999 requires two distinct sets of financialstatements for state and local governments?

A) GASB Statement No. 32
B) GASB Statement No. 33
C) GASB Statement No. 34
D) GASB Statement No. 35
E) GASB Statement No. 36

2. Which group of governmental financial statements reports allrevenues and all costs of providing services each year?

A) GAAP-Based Financial Statements
B) Fund-Based Financial Statements
C) Cost-Based Financial Statements
D) Government-Wide Financial Statements
E) General Fund Financial Statements

3. Proprietary fundsare

A) Funds used to account for the activities of a government thatare carried out primarily to provide services to citizens
B) Funds used to account for a government's ongoing organizationsand activities that are similar to those operated by for-profitorganizations
C) Funds used to account for monies held by the government in atrustee capacity
D) Funds used to account for all financial resources except thoserequired to be accounted for in another fund
E) Funds used to account for revenues that have been legallyrestricted as to expenditure

4. Fiduciary fundsare

5. The term "current financial resources" refers to

A) Those assets that can quickly be converted into cash
B) Monetary assets that are available to meet the government'sneeds
C) The government's current assets and current liabilities
D) The current value of all net assets owned by the governmentalunit
E) Financial resources used to provide electricity to localcitizens

6. Which group of financial statements is prepared using the"modified accrual accounting" approach?

A) GAAP-Based Financial Statements
B) Fund-Based Financial Statements
C) Cost-Based Financial Statements
D) Government-Wide Financial Statements
E) General Purpose Financial Statements

7. Under modified accrual accounting, when should anexpenditure to recognize interest on long-term debt berecorded?

A) At the end of each accounting period
B) When payment is due within one fiscal year
C) When payment is due
D) When cash is available to pay the interest
E) When the interest is incurred

8. Revenue from property taxesshould be recorded in the General Fund

A) when received
B) when there is an enforceable legal claim
C) when they are available for recognition
D) in the period for which they are required or permitted to beused
E) in the period in which the tax bills are mailed

9. A city received a grant of$5,000,000 from a private agency. The money was to be used to builda new city library. In which fund should the money be recorded forthe Fund-Based Financial Statements?

A) The General Fund
B) An Expendable Trust Fund
C) A Capital Projects Fund
D) An Agency Fund
E) A Permanent Fund

10. For government-wide financialstatements, what account is credited when a piece of equipment isleased on a capital lease?

A) Equipment - Capital Lease
B) Encumbrances - Long Term
C) Encumbrances - Lease Obligations
D) Capital Lease Obligation
E) The lease is not recorded

11. Jones College, a publicinstitution of higher education, must prepare financialstatements

A) As if the college was an enterprise fund
B) Following the same rules as state and local governments
C) According to GAAP
D) As if the college was a fiduciary fund
E) In the same manner as private colleges anduniversities

peachlion740

1. Which of the following is a distinguishing characteristic of a nonbusiness organization?

Select one:

a. There is an absence of ownership interests that can be sold, transferred, or redeemed.

b. It does not depreciate its capital assets.

c. It does not charge fees for any of its services.

d. Its revenues do not exceed its expenses

2. For which type of organizations is the Financial Accounting Standards Board (FASB) responsible for establishing accounting and financial reporting standards?

Select one:

a. Business-type organizations only.

b. Business-type organizations; not-for-profit organizations; and all colleges, universities and health care providers, whether organized as not-for-profit or governmental entities.

c. All entities, except for those under the jurisdiction of the American Institue of CPAs.

d. Business-type organizations and not-for-profit organizations, including not-for-profit colleges, universities and health care providers.

3. To what extent do accounting standards promulgated by the Financial Accounting Standards Board (FASB) apply to state and local governmental entities?

Select one:

a. FASB standards never apply to governmental entities

b. FASB standards apply if so designated by the AICPA

c. All governmental entities have a choice between GASB and FASB standards

d. FASB standards apply if so designated by the GASB

4. Which of the following is the most authoritative source of accounting standards for not-for-profit colleges, universities, and health care providers?

Select one:

a. Current practices widely used by not-for-profit entities

b. FASB Statements and Interpretations

c. Consensus positions of the FASB Emerging Issues Task Force

d. AICPA Industry Audit Guides

5. To what extent do organizations that use fund accounting also report on the entity as a whole?

Select one:

a. Organizations that use fund accounting are not required to report on the entity as a whole

b. Organizations that use fund accounting are required to report on the entity as a whole

c. Organizations that choose to report on the entity as a whole are not permitted to use fund accounting for internal purposes

d. Organizations that use fund accounting have the option of reporting either on funds or on the organization as a whole

6. A not-for-profit organization performs all of the following activities except?

Select one:

a. Paying overtime to employees

b. Paying dividends to shareholders

c. Charging a fee for services provided

d. Purchasing long-lived (capital) assets

7. For which types of organizations is the Governmental Accounting Standards Board (GASB) responsible for establishing accounting and financial reporting standards?

Select one:

a. All governmental and not-for-profit organizations

b. All state and local governmental organizations, except for state and local governmental colleges, universities, health care providers, and utilities

c. All state and local governmental organizations, including government-sponsored colleges, universities, health care providers, and utilities

d. All state, local, and Federal organizations

8. Government and nonprofit accounting focuses on which of the following?

Select one:

a. Reporting to management

b. Demonstrating accountability

c. Protecting investors from fraud

d. Calculating profit or loss

9. Not-for-profit organizations obtain their revenues primarily from?

Select one:

a. Contributions from donors

b. Sales to customers