Accounting & Reporting For The Federal Gov't Nfp

19 Questions | Total Attempts: 80

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Accounting Quizzes & Trivia

Different organizations have different reporting styles and ways to account for their periodic activities. Find out more about accounting and reporting for the Federal government Nfp through the quiz below.


Questions and Answers
  • 1. 
    Federal statutes assign responsibility for establishing and maintaining a sound financial structure for the federal government to which of the following:
    • A. 

      Congress

    • B. 

      Comptroller General, Secretary of the Treasure, and Director of the Office of Management and Budget

    • C. 

      Office of Management and Budget

    • D. 

      Federal Financial Accounting Standards Board

  • 2. 
    Which of the following is the highest level of GAAP for the federal government?
    • A. 

      The FASB's implementation guidelines

    • B. 

      The FASAB's concepts statements

    • C. 

      The FASAB's technical bulletins

    • D. 

      The FASB standards if adopted by FASAB

  • 3. 
    The process for establishing generally accepted accounting principles (GAAP) for federal agencies includes:
    • A. 

      A comment period

    • B. 

      Approval by a simple majority of the members of the FASAB

    • C. 

      Implementation by the Office of Management and Budget

    • D. 

      Oversight by the Government Accountability Office

  • 4. 
    Objectives that are identified by Statement of Federal Financial Accounting Concepts (SFFAC) No. 1 for federal financial reporting include all of the following except:
    • A. 

      Budgetary integrity

    • B. 

      Operating performance

    • C. 

      Stewardship

    • D. 

      Transparency

  • 5. 
    Which of the following is a required basic financial statement for federal agencies?
    • A. 

      Statement of net cost

    • B. 

      Statement of cash flows

    • C. 

      Statement of financing

    • D. 

      Statement of budgetary revenues and expenditures

  • 6. 
    Assuming that an agency's unused appropriations expire at year-end but appropriations continue in effect for obligated amounts (purchase orders, etc.), which of the following budgetary accounts would likely be found in the agency's post-closing trial balance at year-end?
    • A. 

      Commitments and Other Appropriations Realized

    • B. 

      Undelivered Orders and Other Appropriations Realized

    • C. 

      Expended Authority and Undelivered Orders

    • D. 

      Commitments and Undelivered Orders

  • 7. 
    Which of the following is a correct mathematical relationship among proprietary account balances?
    • A. 

      Net Position equals Total Assets minus Total Liabilities

    • B. 

      Fund Balance with Treasury equals Unexpended Appropriations

    • C. 

      Cumulative Results of Operations equals Revenues and Financing Sources minus Operating/Program Expenses

    • D. 

      Disbursements in Transit equals Fund Balance with Treasury minus Accounts Payable and Other Current Liabilities

  • 8. 
    Which of hte following is not a component of a consolidated performance and accountability report (PAR)?
    • A. 

      MD&A

    • B. 

      The basic financial statements

    • C. 

      A transmittal letter from the agency head

    • D. 

      Statistical information section

  • 9. 
    Which of the following is not a true statement about the difference between accounting and reporting for federal government agencies versus state and local governments?
    • A. 

      The federal government uses a dual-track method of accounting for proprietary accounts and budgetary accounts; state and local governments also use budgetary accounting

    • B. 

      State and local governments use accrual accounting in the government-wide statements as well as proprietary and fiduciary funds; federal agencies use only the cash basis of accounting

    • C. 

      The budget is recorded in the general ledger of a state or local government and a federal agency

    • D. 

      State and local governments do not account for apportionments and most do not account for allotments

  • 10. 
    Which of the following statements is true about the US government-wide financial report?
    • A. 

      Since 1997, the financial statements of the US government as a whole have been audited by an external CPA firm

    • B. 

      The majority of the 24 major federal agencies required to be audited have received unqualified audit opinions

    • C. 

      The Comptroller General of the US has rendered a disclaimer of opinion on the US government's consolidated financials statements for as long as that office has audited those statements

    • D. 

      None of the above statements are true

  • 11. 
    Which of the following is not part of the FASAB due process for establishing a federal financial accounting standard?
    • A. 

       Public comment on a discussion memorandum.

    • B. 

      Issuing an exposure draft

    • C. 

      Unanimous approval by the FASAB

    • D. 

      Support (or lack of opposition) of the standard by the three principles (Comptroller General, Sec. of the Treasury, and Dr. of OMB)

  • 12. 
    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.

  • 13. 
    The "net position" of a federal agency may include all of the following components, except:
    • A. 

      Unexpended appropriations.

    • B. 

      Cumulative results of operations.

    • C. 

      Appropriations represented by undelivered orders and unobligated balances.

    • D. 

      Fund balances with the U.S. Treasury.

  • 14. 
    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. 

      Commitment

    • D. 

      Allotment

  • 15. 
    The Comptroller General of the United States is the head of the:
    • A. 

      Office of Management and Budget

    • B. 

      Government Accountability Office

    • C. 

      Congressional Budget Office

    • D. 

      Federal Accounting Standards Advisory Board

  • 16. 
    Where would federal agencies report information concerning their performance goals and performance results, along with their future challenges?
    • A. 

      Other accompanying information.

    • B. 

      Required supplemental information.

    • C. 

      Management discussion and analysis.

    • D. 

      Notes to the financial statements

  • 17. 
     Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board.
    • A. 

      True

    • B. 

      False

  • 18. 
    By law, federal agencies must incorporate the accounting standards (GAAP) established for the federal government into their financial managements systems
    • A. 

      True

    • B. 

      False

  • 19. 
    The federal budgetary term "commitment" is synonymous with "appropriations" as used in state and local government terminology.
    • A. 

      True

    • B. 

      False

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