Multiple Choice Questions
22. Which of the following is responsible for preparing the federal government’s consolidated financial statements?
A)Government Accountability Office
B)Congressional Budget Office
C)Office of Management and Budget
D)Department of Treasury
23. Which organization promulgates
Statements of Federal Financial Accounting
Standards?
A)The American Institute of Certified Public Accountants
B)The Federal Accounting Standards Advisory Board
C)The U.S. Office of Management and Budget
D)The U.S. Government Accountability Office
24. Which of the following is one of the principal organizations that formed the Federal Accounting Standards Advisory Board?
A)Department of Treasury
B)Congressional Budget Office
C)American Institute of CPAs
D)All of the above
25. Which of the following is (are) true regarding the Government Accountability Office?
A)The GAO establishes accounting standards applicable to the federal government and its agencies
B)The GAO establishes auditing standards applicable to the federal government and its agencies
C)Both (a) and (b) above
D)Neither (a) nor (b) above
26. Which of the following is responsible for auditing the federal government’ consolidated financial statements?
A)Congressional Budget Office
B)US Department of Internal Audit
C)Office of Management and Budget
D)Government Accountability Office
27. Which of the following organizations is (are) part of the executive branch of the federal government?
A)Government Accountability Office
B)Office of Management and Budget
C)Both (a) and (b) above
D)Neither (a) nor (b) above
28. Which of the following is (are) true regarding Federal Accounting Standards Advisory Board?
A)The Board is called “Advisory” because Statements issued by the board are recommended accounting standards but are not “level A GAAP” for federal agencies
B)Statements issued by the board are recognized as the highest level of authoritative standard for federal government entities
C)Both (a) and (b) above
D)Neither (a) nor (b) above
29. Which of the following is not required in a federal agency’s financial report?
A)Statement of Budgetary Resources
B)Statement of Changes in Net Position
C)Statement of Cash Flows
D)Balance Sheet
30. Which of the following is (are) true regarding the Chief Financial Officers Act?
A)The Act created the position of chief financial officer within federal agencies
B)The Act called for audits of the financial statements of federal agencies
C)Both (a) and (b) above
D)Neither (a) nor (b) above
31. Which of the following is
not
required in a federal agency’s financial report?
A)Management’s Discussion and Analysis
B)Notes to the Financial Statements
C)Required Supplemental Information
D)Budgetary Comparison Schedule