Assignments with the in the margin s oCoues See the Preface of the boos Multiple Choice LO 2 MC12-13. Which funds are used by federal agencies to accoant for receipts of resources from specific sources, earmarked by law for special purposes? a. Special Revenue Funds b. Trast Funds c. Revolving Funds d. Deposit Funds who sets federal accounting standards? a. Congress b. Financial Accounting Standards Board (FASB) LO 1 MC12-14. d GASAB) d. Governmental Accounting Standards Board (GASB) LO 1 MC12-15. What does an unliquidated obligation (undelivered orders-obligation unpaid or delivered orders obligation anpaid) 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 parpose MC12-16. 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 What is the function of commitments? a To legally encumber an allotment b. To formally disclose purchase requests before actual orders are placed e. To represent the authority to spend money for a particular project d. To represent legally enforceable promises to specific vendors LO1 LO 1 MC12-17. account is used to show that an agency has requested payment by the Treasury to vendors? a. Fund balance with Treasury b. Accounts payable C. Disbursements in transit d. Processed invoices LO 5 MC12-19. To prepare the Resources, you would use the balances in which of the following accounts? a. Obligations incurred, undelivered orders, and delivered onders paid and unpaid b. Cumulative results of operations, undelivered orders, and disbursements in transit c. Fund balance with Treasary, expended authority, and undelivered orders d. Fund balance with Treasary, undelivered orders, and commitments Status of Budgetary Resources" section of the Statement of Budgetary LO 3 MC12-20. The federal budgetary equation is a. Assets liabilities + fund balance b. Assets- liabilities + net position c. Net resources m 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 govemment's balance sheet at net cost. b. Recognized on the federal government's balance sheet at replacement cost e. Disclosed d. Not reported or disclosed in the federal in the notes to the financial statements without value. government's financial statements. LO 3 MC12-22. Liabilities for social insurance programs are recognized a. As they are earned by participants in the program