Select the best answer 1 The federal government s annual nancial
Select the best answer
1. The federal government’s annual financial statements are issued by
a. The Department of the Treasury
b. The Office of Management and Budget
c. The Department of Commerce
d. The Government Accountability Office

2. The Government Accountability Office is part of which of the following branches of government?
a. The executive branch
b. The legislative branch
c. The judicial branch
d. None of the above; it is an independent agency

3. The Chief Financial Officer of the United States reports directly to
a. The Comptroller General
b. The President
c. The Majority Leader
d. The head of the OMB

4. The unified budget includes
a. Both Social Security and U.S. Postal Service accounts
b. Social Security accounts but not U.S. Postal Service accounts
c. U.S. Postal Service accounts but not Social Security accounts
d. Neither Social Security nor U.S. Postal Service accounts

5. Which of the following is not a required element of federal government-wide statements?
a. Management’s discussion and analysis
b. Descriptions of stewardship assets
c. A schedule comparing actual to anticipated non-monetary performance measures
d. A statement that shows, by major department or agency, the net cost of operations

6. Per the FASAB a federal entity should be considered a reporting entity and thereby must issue annual reports if it
a. Is listed in the OMB’s Catalog of Federal Agencies
b. Has been designated as a reporting entity by Congress
c. Satisfies the criteria established by the FASAB
d. Meets OMB minimum revenue requirements

7. In the federal government, ‘‘proprietary accounts’’ are those that
a. Provide the data required to prepare accrual-basis financial statements
b. Provide the data required to prepare budget-basis financial statements
c. Are used to account for business-type activities
d. Are used to account for classified information that cannot be made public for security reasons

8. Which of the following statements reconciles an agency’s obligations incurred on a budgetary basis with the net cost of operations on a full accrual basis?
a. Statement of net cost
b. Statement of financing
c. Statement of changes in financial position
d. Statement of budgetary resources

9. Which of the following is an example of an ‘‘exchange’’ revenue?
a. Proceeds from the sale of goods or services
b. Transfers from another agency
c. An increase in an OMB allotment
d. Collections of taxes on liquor sales

10. The federal government should recognize revenue from income taxes
a. As taxpayers earn their income
b. As taxpayers report on their tax returns the amount of their tax or make periodic cash payments
c. As soon as it is able to make a reasonable estimate of the amount that it will collect
d. On the date the taxes are due

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