12-31 Chapter 12 Federal Govenment Accountling and Roporting Asignments with the ta the margjn are available in BainessCoume. Sen the relace of the book for details. Multiple Choice LO 2 MC12-13. Which funds are used by federai agencies to account for receipts of resources from specific sources, earmarked by law for special purposes? a. Special Revenue Funds b. Trust Funds c. Revolving Funds d. Deposit Funds LO 1 MC12-14. Who sets federal accounting standards? a. Congress b. Financial Accounting Standards Board (FASB) c. Federal Accounting Standards Advisory Board (FASAB) d. Govenmental Accounting Standards Board (GASB) LO 1 MC12-15. What does an unliquidated obligation (undelivered orders-obligation unpaid or delivered orders obligation unpaid) represent? a. Resources that cannot be spent for any purpose b. Resources that have already been disbursed c. Resources that must be returned to the Treasury d. Resources earmarked for a specific purpose Who makes apportionments of appropriations? a. Congress b. Office of Management and Budget (OMB) c. The agency d. The department of which the agency is a part LO 1 MC12-16. LO 1 MC12-17. What is the function of commitments? To legally encumber an allotment a. b. To formally disclose purchase requests before actual orders are placed To represent the authority to spend moncy for a particular project c. d. To represent legally enforceable promises to specific vendors What account is used to show that a. LO 4 MC12-18. an agency has requested payment by the Treasury to vendors? Fund balance with Treasury b. Accounts payable Disbursements i c. d. Processed invoices To prepare the "Status of Budgetary Resources" section of the Statement of Budgetary Resources, you would use the balances in which of the following accounts? a. Obligations incurred, undelivered orders, and delivered orders paid and unpaid LO 5 MC12-19. b. Cumulative results of operations, undelivered orders, and disbursements in transit c. Fund balance with Treasury, expended authority, and undelivered orders d. Fund balance with Treasury, undelivered orders, and commitments LO 3 MC12-20. The federal budgetary equation is: a. Assetsliabilities + fund balance b. Assets liabilities + net position c. Net resources status of resources d. Net resources-near-term liabilities+ fund balance LO 3 MC12-21. Heritage assets and stewardship land are: a. Recognized on the federal government's balance sheet at net cost b. Recognized on the federal government's balance sheet at replacement cost c. Disclosed in the notes to the financial statements without value. d. Not reported or disclosed in the federal govermment's financial statements LO 3 MC12-22. Liabilities for social insurance programs are recognized As they are earned by participants in the program a