Question 1

One of the more difficult issues to address in state and local government accounting is the reporting entity. A similar issue exists at the federal level. Discuss the financial reporting entity issue at the federal level.

Accepted Answer

The primary reporting entity issues for ...

Question 2

Which of the following federal government accounting terms is most similar to an encumbrance, as that term is used in state and local government accounting?

Accepted Answer

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

Question 3

The Financial Report of the United States Government is prepared on which of the following bases of accounting?

Accepted Answer

A)   Cash.
B)   Modified accrual.
C)   Budgetary.
D)   Accrual.

Question 4

Which of the following federal fund types is most similar to a state or local government's enterprise fund?

Accepted Answer

A)   General fund.
B)   Special funds.
C)   Trust funds.
D)   Revolving funds.

Question 5

The AICPA has granted the FASAB exclusive authority to established GAAP for federal entities.

Accepted Answer

A) True 
 B)False

Question 6

Natural disasters, such as hurricanes, may result in recognized liabilities of the federal government.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is NOT a criterion for a federal government "component" to be considered a reporting entity and therefore required to issue a financial report?

Accepted Answer

A)   There is a management responsible for controlling and deploying the component's outputs and outcomes and for executing its budget. It is held accountable for its performance.
B)   The component is of sufficient size and significance that its financial statements would provide a meaningful representation of its operations and financial condition.
C)   The component is of sufficient cohesiveness of operations that its financial statements would provide a meaningful representation of a specific program or type of activity.
D)   Users are interested in the information to be reported in its financial statements and could use it to make resource allocation and related decisions.

Question 8

Under FASAB standards, government agencies should recognize liabilities for grants

Accepted Answer

A)   When Congress passes the related legislation.
B)   When the grant announcement is made.
C)   When the announcement is formally acknowledged by the grantee.
D)   When payments are due.

Question 9

Pronouncements of the IFAC's International Public Sector Accounting Standards Board (IPSASB) state that third-world governments should prepare cash-basis financial statements..

Accepted Answer

A) True 
 B)False

Question 10

The Federal Accounting Standards Advisory Board is responsible for

Accepted Answer

A)   Reviewing FASB and GASB standards.
B)   Setting federal accounting standards.
C)   Implementing federal accounting standards.
D)   Developing federal auditing standards.

Question 11

Federal operations consist of five fund types-the general fund, special funds, trust funds, capital funds, and revolving funds.

Accepted Answer

A) True 
 B)False

Exam 16: Federal Government Accounting

The Federal Accounting Standards Advisory Board is responsible for

Correct Answer
verified

Natural disasters, such as hurricanes, may result in recognized liabilities of the federal government.

Correct Answer
verified

Pronouncements of the IFAC's International Public Sector Accounting Standards Board (IPSASB) state that third-world governments should prepare cash-basis financial statements..

Correct Answer
verified

Which of the following federal government accounting terms is most similar to an encumbrance, as that term is used in state and local government accounting?

Correct Answer
verified

The Financial Report of the United States Government is prepared on which of the following bases of accounting?

Correct Answer
verified

Which of the following is NOT a criterion for a federal government "component" to be considered a reporting entity and therefore required to issue a financial report?

Correct Answer
verified

Under FASAB standards, government agencies should recognize liabilities for grants

Correct Answer
verified

Federal operations consist of five fund types-the general fund, special funds, trust funds, capital funds, and revolving funds.

Correct Answer
verified

One of the more difficult issues to address in state and local government accounting is the reporting entity. A similar issue exists at the federal level. Discuss the financial reporting entity issue at the federal level.

Correct Answer
verified
The primary reporting entity issues for ...
View Answer

Which of the following federal fund types is most similar to a state or local government's enterprise fund?

Correct Answer
verified

The AICPA has granted the FASAB exclusive authority to established GAAP for federal entities.

Correct Answer
verified

Exam 16: Federal Government Accounting

The Federal Accounting Standards Advisory Board is responsible for

Correct AnswerverifiedShow Answer

Natural disasters, such as hurricanes, may result in recognized liabilities of the federal government.

Correct AnswerverifiedShow Answer

Pronouncements of the IFAC's International Public Sector Accounting Standards Board (IPSASB) state that third-world governments should prepare cash-basis financial statements..

Correct AnswerverifiedShow Answer

Which of the following federal government accounting terms is most similar to an encumbrance, as that term is used in state and local government accounting?

Correct AnswerverifiedShow Answer

The Financial Report of the United States Government is prepared on which of the following bases of accounting?

Correct AnswerverifiedShow Answer

Which of the following is NOT a criterion for a federal government "component" to be considered a reporting entity and therefore required to issue a financial report?

Correct AnswerverifiedShow Answer

Under FASAB standards, government agencies should recognize liabilities for grants

Correct AnswerverifiedShow Answer

Federal operations consist of five fund types-the general fund, special funds, trust funds, capital funds, and revolving funds.

Correct AnswerverifiedShow Answer

One of the more difficult issues to address in state and local government accounting is the reporting entity. A similar issue exists at the federal level. Discuss the financial reporting entity issue at the federal level.

Correct AnswerverifiedThe primary reporting entity issues for ...View AnswerShow Answer

Which of the following federal fund types is most similar to a state or local government's enterprise fund?

Correct AnswerverifiedShow Answer

The AICPA has granted the FASAB exclusive authority to established GAAP for federal entities.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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The primary reporting entity issues for ...
View Answer

Correct Answer
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Correct Answer
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