Essay Governmental Accounting

1481 Words Mar 17th, 2012 6 Pages
16. Which of the following federal officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board?

A. Chair of the Federal Accounting Standards Advisory Board.
B. Secretary of the Interior.
C. Comptroller General.
D. All of the above.

Content: Concept
Level: Easy
Wilson - Chapter 12 #16

17. FASAB has identified four major user groups of federal financial reports, they are

A. Congress, executives, program managers, and citizens.
B. Congress, executives, citizens, and bond rating agencies.
C. Congress, program managers, foreign governments, and citizens.
D.
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Which of the following financial statements is not required by OMB Bulletin No. 01-09?

A. Statement of budgetary resources.
B. Statement of cash flows.
C. Balance sheet.
D. Statement of changes in net position.

Content: Concept
Level: Medium
Wilson - Chapter 12 #25

26. One of the purposes of the Federal Financial Management Improvement Act of 1996 enacted by Congress was to

A. Establish a requirement that the financial statements of the federal government as a whole be audited.
B. Improve the effectiveness of programs receiving federal funds.
C. Establish generally accepted federal accounting principles.
D. Rebuild the credibility and restore public confidence in the federal government.

Content: Concept
Level: Medium
Wilson - Chapter 12 #26

27. Which of the following persons has some responsibility for establishing and maintaining a sound financial structure for the federal government?

A. Chief Financial Officer of the Congressional Budget Office.
B. Chair of the Governmental Accounting Standards Board.
C. Secretary of the Treasury.
D. Chair of the Federal Accounting Standards Advisory Board.

Content: Concept
Level: Medium
Wilson - Chapter 12 #27

28. The Comptroller General of the United States is the head of the:

A. Government Accountability Office.
B. Office of the Management and Budget.
C. Congressional Budget Office.
D. Federal Accounting Standards Advisory Board.

Content: Concept

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