Question 22

The FASAB allows entities to value inventories held for sale at which of the following values?

		Historical cost, using FIFO.
		Historical cost, using weighted average.
		Latest acquisition cost.
		All of the above.

Question 23

Which of the following is a function of the U.S. Department of the Treasury?

		Adjudicating claims for and against the federal government.
		Monitoring the execution of the federal budget.
		Overseeing the central accounting and reporting systems.
		Apportioning federal appropriations.

Question 24

Which of the following has the responsibility for auditing all federal agencies and programs?

		OMB.
		FASAB.
		GAO.
		The Department of the Treasury.

Question 25

The Financial Report of the United States Government is prepared on which of the following bases of accounting?

		Cash.
		Modified accrual.
		Budgetary.
		Accrual.

Question 11

Declines in the stock market can affect the fiscal health of colleges and universities. Which of the following is the least likely reason for that?

		Reduction in endowment income.
		Decrease in demand for university scholarship funds.
		Reduced ability of parents and students to pay tuition.
		Decrease in donors' willingness and ability to make contributions.

Question 1

The Friends of the City Public Library Foundation is a legally separate, tax-exempt 501(c)(3) entity organized for the purpose of raising funds to provide financial assistance to the library. Members of the board of the foundation are elected by the existing foundation board members. The foundation provides financial assistance to the library, but the foundation receives no financial support from the library. If dissolved, all of the foundation assets would revert to the library. In what manner should the foundation be presented in the financial statements of the library?

		Blended.
		Discretely presented.
		Note disclosure only.
		Not included in any manner.