32. Which of the following should appear within the equity (net position) section of a federal agency balance sheet?
A)Net Position – Unexpended Appropriations
B)Fund Balance with Treasury
C)Both (a) and (b) above
D)Neither (a) nor (b) above
33. Which of the following accounts are used to display the difference between assets and liabilities in a federal agency Balance Sheet?
A)Unrestricted Net Position, Restricted Net Position, and Net Investment in Capital Assets.
B)Unassigned, Assigned, Committed, Restricted and Nonspendable fund balance.
C)Unrestricted, Temporarily Restricted, and Permanently Restricted Net Assets
D)Unexpended Appropriations and Cumulative Results of Operations
34. Which of the following is true regarding the Balance Sheet of a federal agency?
A)The balance sheet is prepared using the economic resource measurement focus and accrual accounting.
B)Assetsare measured on the modified accrual basis.
C)The difference between assets and liabilities is termed “Net Assets”.
D)Assets are separated between current and noncurrent.
35. Which of the following is accurate regarding a federal agency’s Statement of Net Costs?
A)It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services.
B)Costs are reported within the broad categories of current, capital, and debt service.
C)Both (a) and (b) above
D)Neither (a) nor (b) above
36. Which of the following is (are) accurate regarding a federal agency’s Statement of Net Costs?
A)Net costs reported on the Statement of Net Costs may differ from those appearing in the Statement of Changes in Net Position, since the latter are measured on the budgetary basis.
B)The Statement of Net Costs provides greater detail about the cost of the Agency’s programs, but agrees in total net cost reported on the Statement of Changes in Net Position
C)Both (a) and (b) above
D)Neither (a) nor (b) above
37. Which of the following is(are) accurate regarding a federal agency’s Statement of Changes in Net Position?
A)The statement starts with the beginning of year balances in the net position accounts and reconciles these to the ending balances appearing on the agency’s Balance Sheet.
B)The statement does not report
Appropriations Received
since this is a budgetary account and does not affect net position.
C)Both (a) and (b) above
D)Neither (a) nor (b) above
38. Which of the following is(are) accurate regarding a federal agency’s Statement of Budgetary Resources?
A)The statement reports the status of budgetary resources at year end.
B)Outlays are measured using the budgetary basis of accounting.
C)Both (a) and (b)
D)Neither (a) nor (b)
39. Which of the following federal entities wouldbe required to prepare a Statement of Custodial Activity?
A)Department of Defense
B)Internal Revenue Service
C)Department of Homeland Security
D)Department of Health and Human Services
40. Federal agencies that are required to report a Statement of Custodial Activity have transactionsthat are similar to which fund type of a state or local government?
A)Agency funds
B)Internal service funds
C)Capital projects funds
D)Permanent funds
41. Which of the following does
not
appear in the federal government’s consolidated financial report?
A)Management’s Discussion and Analysis
B)Statement of Social Insurance
C)Statement of Cash Flows
D)Auditors Report