PRACTICE PREP QUESTIONS:

44. Three arms of government that are charged with the management of the financial resources of Federal government are:

a. office of management and budget

b. department of treasury

c. government accountability office

d. internal revenue service

e. Only a, b and c. above.

45. The federal government's annual financial report must include Except:

a. management's discussion and analysis

b . audit report

c. Balance Sheet and statement of net cost

d. cash flows

e. statement of budgetary resources.

46. T/F. Budgetary Accounts of federal government are designed to provide proof of compliance with budgets approved by Congress.

47. T/F. Federal Accounting Standards Advisory Board (FASAB) exclusively establishes the accounting and reporting standards for the federal government and its component entities.