Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Psychology Applied To Teaching

Authors: Jack Snowman, Rick McCown

14th Edition

1285734556, 9781285734552

More Books

Students also viewed these Accounting questions

Question

The background knowledge of the interpreter

Answered: 1 week ago