Reference no: EM131782763

Please answer the following multiple choice questions about Governmental Accounting:

1. 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

2. 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

3. Which of the following is NOT a component of a consolidated performance and accountability report (PAR)?

a. MD&A

b. The basic financial statements

c. Statistical information section

d. A transmittal letter from the agency head

4. Fund Balance with the Treasury would be considered equivalent to which of the following accounts?

a. Cash

b. Other Appropriations Realized

c. Allotments

d. Both a and b

5. 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. State and local governments record material amounts of inventory at the fund and government-wide level as does the federal government at the budgetary and proprietary levels.

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 appointments, and most do not account for allotments.

6. Which of the following is the highest level of GAAP for the federal government?

a. The FASAB's technical bulletins

b. The FASAB's concept statement

c. The FASAB's interpretations

d. The FASB standards if adopted by the FASAB