1. The United Stated Federal Government is the a FASB b. GASB d. FASAB Which of the following is true about the reporting objectives for the Federal Government per SFFAC No. 17 2. a. Reports should assist users in evaluating stewardship and changes in tax burdens b. Reports should assist users in evaluating the adequacy of systems and controls c Budgetary integrity is not one of the reporting objectives per SFFAC No. 1. d. Reports are directed at internal users. 3. The "net position" of a federal agency may include which of the following components? a. Unexpended Appropriations. b. Cumulative Results of Operations. C. Appropriations represented by undelivered orders and unobligated balances d. All of the above. Which of the following is not an example of a "stewardship asset" in reporting for the Federal Government: 4. a. Norfolk Naval Shipyard. b. The Lincoln Memorial in Washington DC C. Yellowstone National Park. d. The American Art Museum. Which of the following statements is correct regarding the reporting basis for the Federal Government: 5. a. Long term assets and liabilities are not reported on the Balance Sheet. b. Depreciation expense is not recorded for plant assets. c. The financial statements are prepared following the accrual basis of accounting. d. Both A and B above are correct. 6. Which of the following budgetary accounts are incorporated into Federal Financial Reporting? a. Apportionments, Allotments, Expended Authority b. Appropriations, Estimated Revenues and Encumbrances c. Encumbrances Outstanding and Undelivered Orders. d. None of the above. ALIENWARE t Act of 1996 enacted One of the purposes of the s of the federal government as programs receiving federal funds in the federal government e Establish generally accepted federal accounting d. Rebuild the credibility and restore public confidence in No. 01-09 in the basic financial statements? which of the following is required by OMB Bullet a. Statement of changes in net position b. Statement of net assets. c Statement of revenues, expenditures, and changes in fund balances d. Statement of activities 9. GAAP applying to financial statements of not-for-profit entities focus on a. b. Basic information for the entity as a whole. Standardization of funds nomenclature. rent differences of not-for-profit entities that affect reporting presentations. d. Distinctions between current fund and noncurrent fund presentations. 10. In its statement of activities, a not-for-profit entity may report expenses as decreases in which of the following classes of net assets? With Donor Without Board- designated Donor RestrictionsNetAssets Restrictions No Yes No Yes a. Yes Yes Yes No No Yes b. C. Yes Yes 1. For which of the following assets held by a religious entity should depreciation be recogn the entity's general purpose external financial statements? a. The house of worship. b. A priceless painting. c. A nationally recognized historical treasure. d. Land used for a building site