1. Accounting standards for the federal government and its agencies are established by the Federal Accounting Standards Advisory Board.
2. Accounting standards for the federal government and its agencies are established by the Government Accountability Office.
3. The Office of Management and Budget maintains a government-wide system of accounts and prepares the federal government’s consolidated financial statements.
4. The Federal Accounting Standards Advisory Board was formed by the Secretary of the Treasury, Director of OMB, and Comptroller General.
5. Federal agencies must include a Managements’ Discussion and Analysis in their financial report.
6. Federal agencies must include a Statement of Cash Flows in their annual report.
7. The difference between assets and liabilities of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.
8. The difference between assets and liabilities of a federal agency is comprised of Fund Balance and may be classified as Nonspendable, Committed, Restricted, Assigned and Unassigned.
9. The Statement of Net Cost of a federal agency is prepared on the modified accrual basis of accounting.
10. The Statement of Changes in Net Position of a federal agency presents the same information as a Statement of Cash Flows for a state or local government.
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