42. Which of the following statements appearing in the federal government’s consolidated financial report are prepared on the accrual basis of accounting?
A)Balance Sheet
B)Statement of Operations and Changes in Net Position
C)Both (a) and (b) above
D)Neither (a) nor (b) above
43. Which of the following are included in the Financial Snapshot section of the federal government’s
Citizen’s Guide to the Financial Report of the US Government?
A)The Net Operating Cost of the federal government
B)The Net Position (assets minus liabilities) of the federal government
C)Both (a) and (b) above
D)Neither (a) nor (b) above
44. Which of the following aretrue of the proprietary accounts of the federal government?
A)The accounts provide a record by which federal expenditures may be traced to the budgetary authority granted by Congress.
B)The accounts are used to present the financial position and results of operations of the federal government and its agencies using the accrual basis of accounting.
C)Both (a) and (b) above
D)Neither (a) nor (b) above
45. Which of the following steps in the budgetary authority process occurs when the Office of Management and Budget establishes the quarterly amount available to a federal agency for spending?
A)Apportionment
B)Appropriation
C)Allotment
D)Obligation
46. Which of the following steps in the budgetary authority process occurs when Congress passes a spending bill which is signed by the President?
A)Apportionment
B)Appropriation
C)Allotment
D)Obligation
47. Which of the following steps in the budgetary authority process occurs when a federal agency issues a purchase order?
A)Apportionment
B)Appropriation
C)Allotment
D)Obligation
48. At what point in the budgetary authority process may a federal agency or its subunits begin to place orders for goods and services?
A)Apportionment
B)Appropriation
C)Allotment
D)Obligation
49. Assume a spending bill has been passed by Congress and signed by the President. The journal entries at the agency level to record this event will include:
A)a debit to the account
Unexpended Appropriations
B)a debit to the account
Unapportioned Authority
C)a debit to the account
Fund Balance with Treasury
D)None of the above
50. Which of the following events will result in a journal entry being recorded in
both
the budgetary and proprietary accounts of a federal agency?
A)Treasury notifies the agency that Congress passed legislation (signed by the President) granting budgetary authority to fund its activities.
B)The agency places orders for goods or services.
C)Both (a) and (b)
D)Neither (a) nor (b)
51. Which of the following events will result in a journal entry being recorded in
both
the budgetary and proprietary accounts of a federal agency?
A)OMB establishes the amount of the total appropriation that the agency may expend in the first quarter.
B)Goods or services are received and approved for payment.
C)Both (a) and (b)
D)Neither (a) nor (b)