PRACTICE PREP QUESTIONS: 44. Three arms of government that are charged with the management of the financial
Question:
PRACTICE PREP QUESTIONS:
44. Three arms of government that are charged with the management of the financial resources of Federal government are:
a. office of management and budget
b. department of treasury
c. government accountability office
d. internal revenue service
e. Only a, b and c. above.
45. The federal government's annual financial report must include Except:
a. management's discussion and analysis
b . audit report
c. Balance Sheet and statement of net cost
d. cash flows
e. statement of budgetary resources.
46. T/F. Budgetary Accounts of federal government are designed to provide proof of compliance with budgets approved by Congress.
47. T/F. Federal Accounting Standards Advisory Board (FASAB) exclusively establishes the accounting and reporting standards for the federal government and its component entities.