32. Which of the following should not appear within the asset section of a federal agency balance sheet?
A)Net Position – Unexpended Appropriations
B)Fund Balance with Treasury
C)Property and Equipment
D)All of the above
33. 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)Assets are 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.
34. Which of the following accounts are used to display the difference between assets and liabilities in a federal agency Balance Sheet?
A)Unrestricted Net Assets, Restricted Net Assets, and Invested in Capital Assets Net of Related Debt.
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
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 measured using the accrual basis of accounting.
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)The costs of government activities are presented by the reporting agency’s strategic goals.
B)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.
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)Costs are measured using the accrual basis of accounting.
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 accrual basis of accounting.
C)Both (a) and (b)
D)Neither (a) nor (b)
39. Which of the following federal entities would not be required to prepare a Statement of Custodial Activity?
A)Department of Defense
B)Internal Revenue Service
C)Securities and Exchange Commission
D)U.S. Customs and Border Protection
40. Federal agencies that are required to report a Statement of Custodial Activity have transactions that are similar to which fund type of a state or local government?
A)Internal service funds
B)Capital projects funds
C)Permanent funds
D)Agency funds
41. Which of the following is not required in the federal government’s consolidated financial report?
A)Management’s Discussion and Analysis
B)Notes to the Financial Statements
C)Statement of Social Insurance
D)Statement of Cash Flows