Question 1

Describe the purpose of the following:
a) Federal government budgetary accounts
b) Federal government proprietary accounts

Accepted Answer

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a) Federal...

Question 2

Which of the following statements regarding federal government reporting is not true?

Accepted Answer

The Audit report includes an opinion on the financial statements as well as reports on internal controls and compliance with laws and regulations.

Question 3

Assume a federal agency prepared the following journal entries during the first quarter of the year. Prepare a schedule showing the status of the appropriation at the end of the first quarter.

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Question 4

Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $12,000,000. 2. OMB apportions 1/4^th of the appropriation for the first quarter of the year. 3. The Director of the agency allots $ 2,850,000 to program units. 4. Program units place orders $ 2,790,000. 5. Supplies $ 490,000) and services $ 2,291,000) are received and paid during the first quarter. Supplies of $ 417,000 were used in the quarter. Required: Prepare any necessary journal entries to reflect the events described above. Identify whether the entry is budgetary or proprietary.

Accepted Answer

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Question 5

The federal government also publishes an annual Citizen's Guide to the Financial Report of the U.S. Government. Which of the following is correct with respect to this publication?

Accepted Answer

The Citizens Guide to the Financial Report of the U.S. Government presents plain-language explanations of key terms, such as annual versus accumulated deficit. It provides graphic displays of revenues by source and the cost of operating the government by function. A condensed financial report is also presented which contains a brief activity statement and condensed balance sheet showing net position.
Short Answer

Question 6

List the financial statements required of every federal government agency and indicate whether the statement is prepared using the accrual or budgetary basis of accounting.

Accepted Answer

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Question 7

Assume a federal agency has the following events: 1. Receives a warrant from the Treasury notifying the agency of appropriations of $21,000,000. 2. OMB apportions 1/4^th of the appropriation for the first quarter of the year. 3. The Director of the agency allots $ 4,850,000 to program units. 4. Program units place orders $ 4,800,000. 5. Supplies $ 510,000) and services $ 3,991,000) are received and paid during the first quarter. Supplies of $ 492,000 were used in the quarter. Required: Prepare any necessary journal entries to reflect the events described above. Identify whether the entry is budgetary or proprietary.

Accepted Answer

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Question 8

Which of the following statements is correct?

Accepted Answer

The FASAB standards are recognized as the highest level of authoritative standard in the AICPA's Code of Professional Conduct for federal government entities.

Question 9

Which of the following statements is incorrect with respect to the Reconciliation of Net Operating Cost and Unified Budget Deficit Statement?

Accepted Answer

All of the statements are correct. The purpose of the statement is to reconcile the net operating result revenue or cost from the Statement of Operations and Changes in Net Position with the cash-based federal budget. The statement is similar to the reconciliation of the Statement of Activities to the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balance required by state and local governments. The Statement of Changes in Cash Balance from Unified Budget and Other Activities shows the relationship between the cash-based budget deficit and the change in the federal government's operating cash balance.

Question 10

Identify in order of occurrence the steps in the federal budgetary authority process.

Accepted Answer

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Question 11

Identify the primary functions of the following entities as they relate to financial reporting by the federal government:
a) Office of Management and Budget
b) Department of Treasury
c) Government Accountability Office

Accepted Answer

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Question 12

Assume a federal agency prepared the following journal entries during the first quarter of the year. Prepare a schedule showing the status of the appropriation at the end of the first quarter.

Accepted Answer

The answer of Assume a federal agency prepared the following...

Quiz 14: Financial Reporting by the Federal Government

Describe the purpose of the following: a) Federal government budgetary accounts b) Federal government proprietary accounts

Which of the following statements regarding federal government reporting is not true?

Assume a federal agency prepared the following journal entries during the first quarter of the year. Prepare a schedule showing the status of the appropriation at the end of the first quarter.

The federal government also publishes an annual Citizen's Guide to the Financial Report of the U.S. Government. Which of the following is correct with respect to this publication?

List the financial statements required of every federal government agency and indicate whether the statement is prepared using the accrual or budgetary basis of accounting.

Which of the following statements is correct?

Which of the following statements is incorrect with respect to the Reconciliation of Net Operating Cost and Unified Budget Deficit Statement?

Identify in order of occurrence the steps in the federal budgetary authority process.

Identify the primary functions of the following entities as they relate to financial reporting by the federal government: a) Office of Management and Budget b) Department of Treasury c) Government Accountability Office

Assume a federal agency prepared the following journal entries during the first quarter of the year. Prepare a schedule showing the status of the appropriation at the end of the first quarter.