Financial Accounting Chapter 17 Questions And Answers
Chapter 17
Accounting and Reporting for the Federal Government
True / False Questions 1.
Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board. True False 2.
By law, federal agencies must incorporate the accounting standards (GAAP) established for the federal government into their financial management systems. True False 3.
The objectives of federal financial reporting are to assist report users in evaluating budgetary integrity, operating performance, stewardship, and adequacy of systems and controls. True False 4.
Federal departments and agencies should utilize the U.S. Government Standard General Ledger as the account structure …show more content…
C.
Statement of custodial activity.
D.
Statement of fiduciary net assets.
34.
Which of the following describes the usual flow of budgetary authority through the budgetary accounts of a federal agency?
A.
Apportionment, allotment, appropriation, commitment, obligation, expended appropriation.
B.
Allotment, commitment, obligation, expended appropriation, apportionment.
C.
Appropriation, apportionment, allotment, commitment, obligation, expended appropriation.
D.
Commitment, obligation, appropriation, apportionment, allotment, expended appropriation.
35.
Which of the following statements is not true about the United States government-wide financial report?
A.
Since 1997, the financial statements of the U.S. government as a whole have been audited by the GAO.
B.
The majority of the 24 major federal agencies required to be audited have received unqualified audit opinions by the GAO.
C.
The Comptroller General of the United States has rendered a disclaimer of opinion on the U.S. Government's consolidated financial statements for as long as that office has audited these statements.
Accounting and Reporting for the Federal Government
True / False Questions 1.
Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board. True False 2.
By law, federal agencies must incorporate the accounting standards (GAAP) established for the federal government into their financial management systems. True False 3.
The objectives of federal financial reporting are to assist report users in evaluating budgetary integrity, operating performance, stewardship, and adequacy of systems and controls. True False 4.
Federal departments and agencies should utilize the U.S. Government Standard General Ledger as the account structure …show more content…
C.
Statement of custodial activity.
D.
Statement of fiduciary net assets.
34.
Which of the following describes the usual flow of budgetary authority through the budgetary accounts of a federal agency?
A.
Apportionment, allotment, appropriation, commitment, obligation, expended appropriation.
B.
Allotment, commitment, obligation, expended appropriation, apportionment.
C.
Appropriation, apportionment, allotment, commitment, obligation, expended appropriation.
D.
Commitment, obligation, appropriation, apportionment, allotment, expended appropriation.
35.
Which of the following statements is not true about the United States government-wide financial report?
A.
Since 1997, the financial statements of the U.S. government as a whole have been audited by the GAO.
B.
The majority of the 24 major federal agencies required to be audited have received unqualified audit opinions by the GAO.
C.
The Comptroller General of the United States has rendered a disclaimer of opinion on the U.S. Government's consolidated financial statements for as long as that office has audited these statements.