Governmental Accounting

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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.
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Basic statements.
B. Required supplemental information.
C. Management discussion and analysis.
D. Related notes to the financial statements.

Content: Concept
Level: Medium
Wilson - Chapter 12 #29

30. Which of the following is an accurate list of the three perspectives from which the federal government can be viewed, as described in SFFAS No. 2 "Entity and Display?"

A. Function, department, and program.
B. Organizational, budget, and program.
C. Budget, program, and line-item.
D. Fund, activity, and account.

Content: Concept
Level: Medium
Wilson - Chapter 12 #30

31. The management's discussion and analysis (MD&A) required in general purpose federal financial reporting is different than that required by GASB of state and local governments in that:

A. There are no significant differences.
B. It is outside the general purpose federal financial report and is optional, not required.
C. It is a part of the basic financial statements.
D. Federal agencies should address the reporting entity's performance goals and results in addition to financial activities.

Content: Concept
Level: Medium
Wilson - Chapter 12 #31

32. Which of the following federal programs involve nonexchange transactions for which there is some accounting
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