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Explore key aspects of budgeting in public sector through 'Ch. 12 - NFP'. Assess your understanding of budgetary principles, steps in the budgeting process, and performance-based budgeting in state and local governments. This...

Questions: 20 | Attempts: 539 | Last updated: Mar 22, 2025

Sample Question 1
Public sector budgets:

Are integrated with the financial accounting system

Enable governments to demonstrate compliance with laws and to communicate performance effectiveness

Are adopted by governments after required public hearings

All of the above

Sample Question 2
Which of the following steps would not usually be part of the budgeting process?

Heads of operating departments prepare budget requests

The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law

One or more public budget hearings are held

Budget officer and other central administrators review and make adjustments to departmental requests

Sample Question 3
The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments state that:

The accounting system should provide the basis for appropriate budgetary control

Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget

Annual budgets should be adopted by each government

All of the above

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Accounting & Reporting For The Federal Gov't Nfp

Questions: 19 | Attempts: 237 | Last updated: Mar 20, 2025

Sample Question
Federal statutes assign responsibility for establishing and maintaining a sound financial structure for the federal government to which of the following:

Congress

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

Office of Management and Budget

Federal Financial Accounting Standards Board

Chapter 9 Multiple Choice

Questions: 8 | Attempts: 261 | Last updated: Mar 20, 2025

Sample Question
Which of the following statements concerning the accounting and financial reporting for capital assets is false?

Capitalization thresholds differ among governments and often within governments among classes of assets.

All capital assets are reported as assets of the purchasing fund.

Proprietary fund capital assets are reported as assets in both the fund financial statements and the government- wide financial statements.

Governments may choose the method of depreciation used for its capital assets.

Governments may choose to use the modified approach in lieu of reporting depreciation for qualifying infrastructure assets.

Governmental Accounting Quizzes, Questions & Answers

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